Scirocco Energy PLC - investor focused on opportunities in the energy transition market - Chief Executive Officer Tom Reynolds stands down as director of board, effective immediately. He will however remain as CEO until July 12, or an earlier date as agreed by him and Scirocco. Company says stepping down of "only executive" will support its efforts to preserve cash. Expects portfolio to require less active management following approval on Wednesday for Scirocco's sale of its "sole material investment" in Energy Acquisitions Group Ltd, announced in late December. Continues to consider various strategic options including cash distribution, further investments and pursuing a reverse takeover.
Non-Executive Chair Alastair Ferguson says: "Tom's decision to resign from his role as a director aligns with Scirocco's efforts to husband the cash it has received, or expects to shortly receive, from the recent divestments. Tom is a high quality CEO who has steered Scirocco through material changes...and the timing of his signalled departure is appropriate given the current status of Scirocco."
Current stock price: 0.35 pence, up 7.5% in London on Friday
12-month change: up 59%
By Emma Curzon, Alliance News reporter
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Scirocco Energy (SCIR)