Helius Energy Plc Board Changes and Corporate Update (0485W)
04 11월 2014 - 4:01PM
UK Regulatory
TIDMHEGY
RNS Number : 0485W
Helius Energy Plc
04 November 2014
4(th) November 2014
Helius Energy plc
("Helius" or the "Company")
Board Changes and Corporate Update
As part of the strategic review announced on 16(th) September
2014, Helius announces that it has undertaken a comprehensive
review of its structure to reduce its operating cost base whilst
ensuring that it remains capable of achieving financial close of
its Avonmouth project, supporting the Helius CoRDe project at
Rothes in Scotland and continuing to develop its further pipeline
of projects.
Following that review, Dr Adrian Bowles and Christopher Corner
have agreed to step down as Chief Executive and Commercial Director
respectively. Both have resigned as directors of Helius and its
group companies with effect from 3(rd) November 2014. Adrian and
Chris have each entered into a consultancy agreement with the
Company under which they will provide support to the Helius Group
where required until at least the end of February 2015. Such
arrangements permit the Company to realise significant cost savings
whilst retaining their extensive experience and knowledge for the
benefit of the Avonmouth project, Helius CoRDe and other
projects.
Helius Chairman , John Seed, will take-on the role of Executive
Chairman in the short term. Chief Operating Officer, William Ingram
Hill, and Chief Financial Officer, Alan Lyons, will jointly lead
the Company through the next stage of its development.
As well as these changes at Board level, the Company is
consulting in respect of a redundancy programme to ensure maximum
efficiency of its cost base, with the intention that the combined
cost savings, after restructuring costs, will provide the Company
with working capital to February 2015. The Company will work with
CoRDe in respect of the timing of the first cash dividend to be
paid by the CoRDe project, and it will target a group cost
structure under which management service income and future
dividends from CoRDe will be sufficient to cover the Company's cost
base going forward. The Company's cash position remains tight and,
in the event that the Company is unable to secure financing for the
Avonmouth Project or to match its cost structure to CoRDe dividend
receipts, it is likely that the Company will need to raise
additional financing.
The Company continues to explore its options to maximise value
from its projects and to work with a club of banks, HM Treasury and
Macquarie (as its financial advisor) to fund its Avonmouth
project.
John Seed, Chairman of Helius, said "We are extremely grateful
to Adrian Bowles and Chris Corner for the huge contribution they
have made to Helius since its foundation and for their continued
support as we take the Company forward. The past year has been
extremely challenging for the energy sector. Our priorities remain
to finalise funding and commence construction of our Avonmouth
project as soon as possible and to continue efficiently to operate
the Helius CoRDe plant in Rothes in order to maximise first
dividends from that project. We believe the newly structured team,
led by Alan and Will, will be well placed to deliver these
priorities".
For more information please contact:
Helius Energy plc Tel: +44 (0) 20 7723 6272
William J. Ingram Hill, Chief Operating Officer
Alan Lyons, Chief Financial Officer
Numis Securities Ltd Tel: +44 (0) 20 7260 1000
Jamie Lillywhite (as Nominated Adviser)
James Black (as Corporate Broker)
Citigate Drewe Rogerson Tel: +44 (0) 20 7638 9571
Chris Gardner
Malcolm Robertson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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