25 January 2019
ORACLE POWER PLC
("Oracle" or the "Company")
Oracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in the Thar desert in the south-eastern Sindh Province of Pakistan, announces changes in executive responsibilities, with immediate effect.
On 20 December 2018, the Company announced that it had signed a Memorandum of Understanding ("MOU") whereby Beijing Jingneng Power Company Limited ("BJPC") became a partner to the MOU in place of Sichuan Provincial Investment Group Co. Limited, alongside Oracle and PowerChina International Group Limited ("PowerChina"). Accordingly, with the new consortium of equity partners identified, the Company's principal focus will now be the completion of work as outlined in the operational update (as announced on 17 January 2019) to reach financial close. Many of these operational items are procedural and, accordingly, the Company believes the process will be expedited by having senior management based primarily in-country to handle day-to-day operations.
The Board has therefore appointed Ms Naheed Memon as an Executive Director and Chief Executive Officer, moving from her role as a Non-Executive Director, to manage the delivery of the Thar project on the ground in Pakistan. Ms Memon has first hand experience of the steps required for project completion following her previous role as Chair of the Sindh Board of Investment (Government of Sindh).
Shahrukh Khan will remain as an Executive Director of the Company and will continue to assist in the development of the Thar project as it moves towards financial close, whilst also providing a presence in the UK and Europe to further increase the awareness of the Oracle investment case.
Mark Steed, Chairman of Oracle said:
"This fresh assignment of duties will ensure the Oracle Board is best positioned to monitor and subsequently execute the steps required to bring the Thar project to financial close. Shahrukh Khan has done a remarkable job in developing Oracle to its current position. He has built a solid foundation for the Company and will continue to be instrumental in setting strategy and working with Ms Naheed Memon.
I look forward to updating shareholders on what is certain to be a busy period in the coming months."
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information:
Oracle Power PLC
+44 (0) 20 3580 4314
Strand Hanson Limited (Nominated Adviser)
Rory Murphy, James Harris, Jack Botros
+44 (0) 20 7409 3494
Brandon Hill Capital Limited (Joint Broker)
+44 (0)20 3463 5000
Peterhouse Corporate Finance (Joint Broker)
+44 (0)20 7220 9791
Tim Blythe, Camilla Horsfall, Megan Ray
+44 (0) 20 7138 3204