Last checked at 25 Aug 2022 07:00
Appointment of Financial Director / Directorate Change Announcement under LR 9.6.11Kenmare Resources plc(“Kenmare” or the "Company”)
25 August 2022
Appointment of Financial Director / Directorate Change Announcement under LR 9.6.11
Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, announces the appointment of Tom Hickey as Financial Director with effect from 26 September 2022. Tom will also be appointed as an Executive Director to the Board on the same date.
Tom’s appointment follows a thorough search process led by the Nomination Committee, in conjunction with an independent executive search firm.
Tom brings significant financial and natural resources experience to Kenmare, having served for 15 years as Executive Director of various public companies. This includes eight years as Chief Financial Officer of the African and South American-focused oil and gas producer Tullow Oil plc (“Tullow”) from 2000 to 2008. During this time, he developed and implemented the financial strategy that saw Tullow grow from a micro-cap company to a FTSE 100 business valued at $15 billion. He was central to the success of major acquisitions and debt and equity fundings, as well as responsible for capital allocation of an annual budget of over $700 million.
Tom also held senior financial roles with the oil and gas exploration company Petroceltic International plc (“Petroceltic”) between 2010 and 2016, including latterly as Chief Financial Officer.
Tom has strong Board-level experience, currently serving as an Independent Non-Executive Director with United Oil & Gas plc (“UOG”) and previously as an Independent Non-Executive Director with Petroneft Resources plc (“Petroneft”). Tom has a Bachelor of Commerce degree and a Diploma in Professional Accounting, both from University College Dublin, and he is a Fellow of the Irish Institute of Chartered Accountants.
Tom will succeed Tony McCluskey who, earlier this year, announced his intention to retire from the Company. Tony will step down from the Board and his role as Financial Director on 26 September 2022 but will continue to be employed by the Company for a period to facilitate the transfer of responsibilities to Tom and to assist the Company with various other matters.
Statement from Michael Carvill, Managing Director of Kenmare:“I am delighted to welcome Tom to Kenmare’s management team. He is a well-known figure in the natural resources industry and his extensive financial, strategic and capital markets experience will be highly complementary to our current executive capabilities. I would like to thank Tony again for his tremendous contribution to Kenmare over the 31 years he has been part of the team. He will be deeply missed by his friends and colleagues within the Company and we are grateful that he will work closely with Tom over the coming months to ensure a smooth transition.”
Statement from Tom Hickey:“Kenmare is in the strongest position in its history, with globally significant production, a robust balance sheet, and an experienced team combining to deliver value to all stakeholders. I am looking forward to working with the management team and Board to further strengthen the Company’s operational, financial and sustainability performance.”
UK Listing Rule 9.6.13 Disclosure
Tom is currently a Non-Executive Director of UOG and Chair of its Audit Committee. UOG is an oil and gas company listed on the AIM market of the London Stock Exchange. Graham Martin, a Non-Executive Director of Kenmare, is Chairman of UOG. Tom will resign from the UOG Board on 23 September 2022, in advance of taking up his role with Kenmare.
Tom was previously a Non-Executive Director of Petroneft, an oil and gas exploration and production company, quoted on the AIM market of the London Stock Exchange and the Euronext Growth Market of Euronext Dublin. He resigned as a Director of Petroneft in December 2020.
Tom was also previously a Director of Petroceltic, an oil and gas exploration company incorporated in Ireland, which was listed on the AIM market of the London Stock Exchange and the Enterprise Securities Market of the Irish Stock Exchange. Petroceltic was placed into examinership under Irish law in April 2016 in connection with the preparation of a scheme of arrangement for the company. Upon the scheme being approved by the Irish High Court in June 2016, the examinership process concluded and Tom and various other members of the Board stepped down as directors.
There are no other matters in respect of Tom requiring disclosure under UK Listing Rules 9.6.13(1) to 9.6.13(6) inclusive.
For further information, please contact:
Kenmare Resources plc Jeremy Dibb / Katharine Sutton Investor Relations ir@kenmareresources.com Tel: +353 1 671 0411 Mob: +353 87 943 0367 / +353 87 663 0875
Murray (PR advisor) Doug Keatinge dkeatinge@murraygroup.ie Tel: +353 1 498 0300
Mob: +353 86 037 4163
About Kenmare ResourcesKenmare Resources plc is one of the world's largest producers of mineral sands products. Listed on the London Stock Exchange and the Euronext Dublin, Kenmare operates the Moma Titanium Minerals Mine in Mozambique. Moma's production accounts for approximately 8% of global titanium feedstocks and the Company supplies to customers operating in more than 15 countries. Kenmare produces raw materials that are ultimately consumed in everyday quality-of life items such as paints, plastics and ceramic tiles.
All monetary amounts refer to United States dollars unless otherwise indicated.