rns25 May 2017 08:07
Spinnaker Opportunities Plc (the "Company" or "Spinnaker"), the newly listed cash shell focused on delivering a single, material acquisition in the energy or industrial sectors, is pleased to confirm the appointments of Mr Alan Hume and Mr Andy Duncan as additional Retained Advisers to the Company.
The role of the Retained Adviser is to advise the Board on a discretionary, part-time consultancy basis as the Board assesses potential Acquisitions. In common with the Directors, Retained Advisers will not receive any fees for their ordinary duties prior to the completion of an Acquisition transaction.
Commenting on the new appointments, Andy Morrison, Chairman of Spinnaker said, "The whole Board is delighted to welcome Alan and Andy to the Spinnaker team. Their in-depth financial knowledge and practical skills and experience will greatly enhance our ability to process our promising inventory of opportunities and to complete a value-adding Acquisition as quickly and as effectively as possible."
Mr Hume participated in the recent IPO, making a personal equity investment and on appointment, both Mr Hume and Mr Duncan become eligible for the Company's share option scheme. Awards under the Company's share option scheme are primarily intended for retrospective recognition for the "sweat" contributions of Directors and Retained Advisers. No option award is being made at this time.
On presentation of a potential acquisition target, Retained Advisers may be requested to provide the benefit of their experience on issues such as target quality, potential capital expenditure requirements, commodity market dynamics and business development in order to assist the Directors in formulating an investment decision. While the Retained Advisers may be asked for their recommendations, all decisions will be made solely by the Directors.