logo-loader
viewIGas Energy Plc

Igas Energy PLC - Reorganisation of Finance Function

RNS Number : 0015R
Igas Energy PLC
25 June 2020
 

25 June 2020

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")

 

Reorganisation of Finance Function

IGas has today announced a number of cost saving measures as part of an in-depth review of expenditure.

As part of this review, it was identified that certain functions within the Chief Financial Officer's team could be restructured to reduce costs. It was proposed that the role of Chief Financial Officer (CFO) be made redundant and that the Group Financial Controller would take on overall responsibility for the finance function, reporting to the Chief Executive Officer, with other disciplines reporting to other members of the Executive Team.

The Board has accepted this proposal and Julian Tedder, CFO of the Company since 2015, will step down from 31 July 2020 with Frances Ward assuming responsibility from that date.

Stephen Bowler, CEO of IGas commented:

"Julian has played a key role in developing the business over recent years. He has been instrumental in strengthening the balance sheet and reducing the costs of IGas as we have adapted to changing opportunities and challenges.

I would like to thank him for the insight and dedication that he has provided during his time with us and wish him every success for the future."

 

For further information please contact:

IGas Energy plc  Tel: +44 (0)20 7993 9899

Stephen Bowler, Chief Executive Officer

Julian Tedder, Chief Financial Officer

Ann-marie Wilkinson, Director of Corporate Affairs

 

Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970

Sara Hale/Jeremy Ellis/Tejas Padalkar

 

BMO Capital Markets (Joint Corporate Broker) Tel: +44 (0)20 7653 4000

Tom Rider/Neil Elliot

 

Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000

Henry Fitzgerald-O'Connor/James Asensio

 

Vigo Communications   Tel: +44 (0)20 7390 0230

Patrick d'Ancona/Chris McMahon 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
BOAEAPKLAAEEEFA

Quick facts: IGas Energy Plc

Price: 14.45

Market: AIM
Market Cap: £17.84 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

IGas is a 'diverse business with lots of opportunities' says CEO Bowler

Onshore UK focused IGas’s (LON:IGAS) production currently is 850,000 barrels per year, but that is dwarfed by its shale acreage in the East Midlands. This compares favourably with major shale plays in the US, says Bowler, who believes the reserves are sufficient to provide all the UK’s gas...

on 17/10/19