27 Sep 2010 07:00
Equatorial Palm Oil plc / Index: AIM / Epic: PAL / Sector: Food Producers
27 September 2010
Equatorial Palm Oil plc ('EPO' or 'the Company')
Appointment of Non-Executive Director
Equatorial Palm Oil plc, the AIM listed and Liberia focussed sustainable oil palm plantation developer, is pleased to announce the appointment of Mr. Shankar Varadharajan as non-executive director with immediate effect. The appointment is under the terms of the subscription agreement, as announced on 27 May 2010, which provided the Siva Group with the right to appoint a director to the Board.
Mr. Varadharajan, who has a Master of Science in Financial Information Systems, has over 13 years experience of global management, having held senior positions for international corporations including Motorola and The Tata Group. During his career he has gained extensive experience in executing business strategy, organising project financing and capital raisings, mergers and valuations and third party vendor management.
EPO Chairman Michael Frayne said, "We continue to build upon our already exciting relationship with The Siva Group, and this appointment will solidify our relationship with them, as we fast track all our operations across the three plantation areas of Palm Bay, Butaw and River Cess. The Siva Group has recognised the huge potential of our operations, and is keen to work closely with us to substantially de-risk our project financially and advance our land position to the benefit of shareholders. I would like to welcome Shankar to the Board and I look forward to working closely with him to progress our shared objectives of establishing a new palm oil province in Liberia."
Mr. Varadharajan, aged 36, is or has been a director of the following companies during the previous five years:
| Current Directorships:
| Directorships held within the previous five years: |
| Nil | 21st Century Infra Tele Ltd |
There is nothing further which is required to be announced pursuant to Schedule Two paragraph (g) of the AIM Rules.
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For further information please visit www.epoil.co.uk or contact:
| Michael Frayne | Equatorial Palm Oil plc | Tel: 020 7766 7555 |
| Peter Krens | Mirabaud Securities LLP | Tel: 020 7484 3510 |
| Pascal Keane | Shore Capital & Corporate Limited | Tel: 020 7408 4090 |
| Edward Mansfield | Shore Capital & Corporate Limited | Tel: 020 7408 4090 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Elisabeth Cowell | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Notes to editors:
About Equatorial Palm Oil
EPO's objective is to become a producer of sustainable, low-cost CPO and to this end it has operations located near the coast in Liberia, West Africa. The Company's operational strategy is expected to be implemented through three core business activities: the rehabilitation of existing oil palm plantations; the development of new plantations; and the development of out-grower small holdings. The Company has secured Government ratified Investment Agreements in Liberia for the investment, rehabilitation and participation by the Group over a sizeable acreage of existing oil palm plantations. EPO's operations have already commenced at the Butaw Plantation and Palm Bay Plantation.
About The Siva Group
Founded in 1986 by Mr. C Sivasankaran, The Siva Group is a Chennai based US$3 billion Indian conglomerate, with over 3,000 employees and operations in Realty, Telecom, Project Engineering, Shipping, Renewable Energy, Agriculture and e-education/software. The Siva Group's diverse businesses are focussed on performance, competitiveness, value creation and customer-orientation. While simultaneously strengthening its traditional base, the Group is centred on identifying new business opportunities including agriculture. Given its global footprint, the Group is now aggressive in incorporating international expansion possibilities into its growth plans.