i(x) Net Zero PLC (AIM:IX) has appointed a new chief financial officer and AIM nominated adviser (Nomad), as it streamlines the business with realisations from its existing investments and new high-growth investments to grow net asset value (NAV), along with reducing central operating expenditure and taking a new loan.
To achieve its mission of creating long-term capital growth by investing in companies that focus on energy transition and sustainability in the built environment, have resolved to “focus firmly” on growing NAV, following a strategic and operational review initiated by chief executive Pär Lindström after he took the role in January.
Chairman Nick R Hurd said: "We strongly believe in building a portfolio of high-quality companies that are actively engaged in the much needed global energy transition.
“We were also cognisant of the fact that we needed to take steps to streamline our business and so sharpen our strategic focus on value creation for shareholders. We are confident that the measures announced today give us a strong platform for growth and increased liquidity.”
The board has set “ambitious NAV targets” for the executive management team to drive growth and diversify the company's portfolio, it said, along with a near-term target of reducing operating expenditure to 2% of NAV, down more than 50% from the level last year.
Leading that will be new chief financial officer Jonathan C Stearns, conditional on regulatory approval, who brings over 40 years of senior experience as CFO, CEO and CIO in growth companies.
The company highlighted his experience in portfolio management, complex financial structuring and strategic consulting with both public and private companies located in the US and Europe, with experience as managing director in AIG’s private capital group, while he joins from Citron Energy, a New York-based waste disposal and carbon footprint reduction specialist.
Dmitri Tsvetkov is stepping down as CFO and from the board with immediate effect but will continue in a senior management role as chief operating officer and group director of finance.
Canaccord Genuity (TSX:CF, LSE:CF) has also been appointed as AIM Nomad and sole broker with immediate effect.
With net cash standing at US$7.5mln at the end of last year and a new out a US$7.5mln two-year loan, i(X) said management will now “focus on scaling the business, including compelling investments in the existing portfolio and new opportunities”.