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Active Energy encouraged over Newfoundland and Labrador support, Spinks to focus on Timberlands business

Richard Spinks will step down from his board position to focus on delivering the Canadian opportunity as Timberlands managing director

forest and trees
Spinks will make the change effective 1 November

Active Energy Group PLC (LON:AEG) has updated investors on its interest in Canada where it is now amending its application to the province of Newfoundland and Labrador, to focus exclusively on forestry opportunities and the development of one or more dedicated CoalSwitch plants.

Following a meeting with key officials, the company noted that the province continues to support the process through to final approval and highlighted that they were complimentary of the company's continuing commitment and work carried for the process.

The company noted that it has been given no reason to be concerned at the delay in the process, and, said it is encouraged by the “positive and supportive approach” shown by government departments.

READ: Active Energy focused on CoalSwitch after year of restructuring

Active Energy’s executive director Richard Spinks has decided to relinquish his board responsibilities and will, instead, focus solely on his role as managing director of the Timberlands subsidiary.

The move, which is effective from 1 November, aims to ensure the Canada opportunity gets the required energy and focus required.

"The Province of Newfoundland and Labrador represents an area of significant interest to Active Energy and Timberlands,” Spinks said in a statement.

“I was particularly encouraged during my visit to the province by the level of genuine interest and support expressed by government, academia and industry.

"Timberlands and Active Energy have already made a tremendous investment in the province over the last two years and Timberlands is working harder than ever to bring to fruition these common commercial goals for both the group and the province.”

Spinks added: "My ultimate objective is to make a significant contribution to the government's stated goal of revitalising the forestry industry in the province and this remains the central focus of our activities, both present and future.

“I believe that based upon the recent meetings, a long-term relationship between both the province and Timberlands has been established and is set to grow further.”

Quick facts: Active Energy Group PLC

Price: 0.365 GBX

LSE:AEG
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Market Cap: £4.39 m
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