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22 Jan 2015 07:00
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Rame Energy / Index: AIM / Epic: RAME / ISIN: JE00BBD8GG53 / Sector: Energy
22 January 2015
Rame Energy plc ("Rame" or the "Company")
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Directorate Changes
Rame Energy,Β the independent power producer ("IPP"),Β is pleased to announce that, in order to increase its Non-Executive Board presence and to strengthen the Company's industry and capital markets experience, it has made the following changes to the Board with effect from 1 February 2015.
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Kevin McNair, who has more than 25 years' experience in financial management and capital markets,has joined the Board as Chief Financial Officer ("CFO"). Chief Operating Officer Pieter Dhaen and Chief Financial Officer, Jan Gawel, have both stepped down from the Board but remain with the Company in executive capacities.
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Kevin McNair has spent the past 12 years as Finance Director or Chief Financial Officer of various publicly quoted and privately owned businesses including as the CFO of two AIM listed resource businesses, a sector highly relevant to the Company's activities. Kevin started his career with Fremont Financial in Chicago, then spent several years in corporate finance first with UBS and then Granville Baird. Kevin has a degree in business administration from the College of William and Mary in Virginia and an MBA from London Business School.
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Jan will now report to the Board as Head of Investments responsible for Rame's investments in Chile and Pieter will continue as Chief Operating Officer responsible for the delivery of the Group's power generating projects.
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Bill Fisher, Chairman, commented:
"The changes to the Board announced today are part of our ongoing plan to rebalance the composition of the board so that Non-Executive Directors make up a majority. I would like to thank Pieter and Jan for their effort and commitment as directors and, in particular, Jan for his contribution in completing the IPO in 2014. We see these changes as increasing our ability to invest in and build our generation portfolio in Chile and I am confident that both Jan and Pieter will continue to contribute to Rame's future success in their executive roles."
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Tim Adams, CEO, commented:
"Kevin's experience in capital markets and the resources industry is highly relevant to Rame and we are delighted that he is joining us. As our diverse portfolio of power projects matures, we will need to find a variety of creative ways to finance individual projects in order to maximise value for shareholders. Kevin's city-focused expertise and broad network will be highly beneficial in achieving this."
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Further information on Kevin McNair
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Kevin Hayes McNair, aged 48, has been a Director of the following companies within the last five years:
Asheville Richmond Limited | Nigel Wright International Limited |
Angel Mining plc | Nigel Wright Consultancy Deutschland Gmbh |
Arctic Mining Limited | Nigel Wright Consultancy Denmark APS |
Black Angel Mining A/S | Nigel Wright Consultancy Espana S.L. |
Angel Mining Gold A/S | Nigel Wright Consultancy Sweden AB |
Nigel Wright Group Holdings Limited | Nigel Wright Consultancy Switzerland Sarl |
Nigel Wright Group Limited | Nigel Wright Consultancy Netherlands B.V. |
Nigel Wright Consultancy Limited | Nigel Wright Consultancy Norway AS |
Nigel Wright Employment Services Limited |
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In addition, Mr. McNair was appointed a Director of Boxwood Group Limited on 1 April 2003. On 15 December 2005, the business and assets of Boxwood Group Limited were acquired by Boxwood Limited as part of a pre-packed administration. There was no shortfall to creditors.
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Mr. McNair was appointed a Director of Certainty Group Security Services (Holdings) Limited on 31 October 2002 and resigned on 1 December 2005. The company was placed into administration on 1 May 2006 as part of a larger group restructuring. There was no shortfall to creditors.
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Mr. McNair was appointed a Director of Angel Mining plc on 24 May 2010. The company was placed into administration on 1 March 2013.
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Mr. McNair does not currently hold any shares in the capital of the Company. He has confirmed there is no further information to be disclosed in accordance with the requirements of Schedule Two (g) of the AIM Rules.
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**ENDS**
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CONTACTS
For further information, please call one of the contacts below or visit the Company's website,Β www.rame-energy.com.
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Rame Energy plc | Tel: +44 (0) 1752 565638 |
Tim Adams (Chief Executive) | |
Northland Capital Partners Limited | Tel: +44 (0) 20 7382 1100 |
Nominated Adviser and Broker | |
Matthew Johnson / Gerry Beaney (Corporate Finance) | |
John Howes / Alice LaneΒ (Corporate Broking) | |
St Brides Partners Limited | Tel: +44 (0) 20 7236 1177 |
Elisabeth Cowell / Frank Buhagiar |
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NOTES:
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Rame Energy is an experienced Independent Power Producer, providing on-grid and off-grid power solutions to industry by generating renewable energy: primarily wind and solar.
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Blue chip clients include Akzo Nobel, Anglo American, Barrick Gold and Codelco.
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The Company has executed its first joint venture agreement with Santander Investment
Chile Limitada to co-finance its first two wind projects totalling 15 MW, in which Rame has a 20% equity participation. The debt package for the two projects is being provided by Chilean bank, Banco BICE.
Rame is targeting an operational portfolio of 300MW in Latin America within three years.
The Company plans to build on its proven track record of delivering power in South
America.
To date, in Chile, Rame has been involved the evaluation and design of over 1GW of potential wind generation capacity, successfully permitted over 230MW and constructed over 50MW.
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