Ncondezi Energy Limited Scott Fletcher - Proposed Director Appointment (8518B)
October 13 2020 - 01:00AM
UK Regulatory
TIDMNCCL
RNS Number : 8518B
Ncondezi Energy Limited
13 October 2020
News Release
Scott Fletcher - Proposed Director Appointment
13 October 2020: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM: NCCL) is pleased to announce that Scott Fletcher
MBE has agreed to join the Ncondezi Board as a Non-Executive
Director subject to completion of the prerequisite regulatory
checks.
Scott is the Company's largest shareholder having built his
position primarily buying in the market and in recent fundraisings
and is uniquely placed to represent investors' interests at Board
level. Scott is one of the UK's leading entrepreneurs and boasts an
MBE for services to business and community in the north of England
as well as an honorary Doctorate in Business Administration. Scott
founded his first company in 1996 ANS Group, growing it to become a
leading cloud services provider in the UK today. He is also an
active investor in smaller companies both private and public.
A further announcement confirming his appointment on completion
of normal regulatory due diligence checks and disclosing
information in respect of Schedule 2(g) of the AIM Rules will be
made in due course.
Ncondezi Chief Executive Officer, Hanno Pengilly said: "We are
delighted that Scott has agreed to join the Board. As our largest
shareholder his input from an investor point of view will be
invaluable as we continue to advance our Ncondezi Power Project.
Over the course of the next 6 months, the Company anticipates
meeting a number of transformational milestones as we move the
Project towards Financial Close. Scott was previously the North
West Entrepreneur of the Year, experience that we believe will also
assist us as we advance our C&I strategy and develop a revenue
stream whilst progressing the Ncondezi Power Project."
Scott Fletcher MBE said: "I am delighted to have been asked to
join the Board of Ncondezi. As a major shareholder I have long
believed in the Company and look forward to working with the Board
at such a pivotal time whilst representing independent shareholders
interests and assisting the board with its financing requirements
going forward."
Enquiries
For further information please visit www.ncondezienergy.com or
contact:
Ncondezi Energy Hanno Pengilly +27 (0) 71 362 3566
Liberum Capital Limited Scott Mathieson, Edward Thomas, +44 (0) 20 3100
NOMAD & Joint Broker Kane Collings 2000
Novum Securities
Limited +44 (0) 20 7399
Joint Broker Colin Rowbury 9427
Pimlico Advisory
Ltd +44 (0) 777 56 55
Investor Relations Elizabeth Johnson 927
Note:
The information contained within this announcement in relation
to the proposed Placing and Subscriptions is deemed by the Company
to constitute inside information as stipulated under the Market
Abuse Regulation ("MAR"). Upon the publication of this announcement
via Regulatory Information Service ("RIS"), this inside information
is now considered to be in the public domain. If you have any
queries on this, then please contact Hanno Pengilly, Chief
Executive Officer of the Company (responsible for arranging release
of this announcement) on +27 (0) 71 362 3566.
About Ncondezi Energy
Ncondezi is an African power development company with an
advanced staged, integrated 300MW thermal coal power plant and mine
project located in the Tete Province, Northern Mozambique.
The Company is focused on providing reliable, affordable and
accessible baseload energy to Mozambique and secure against the
effects of water drought and intermittency of new renewables. This
project supports Mozambique's energy strategy of universal
electricity access by 2030. According to the World Bank, only 30%
of the Mozambican population had access to energy in 2017. The
Ncondezi Project would provide 300MW of reliable and available
power helping to close the infrastructure gap of the region and
serving as a catalyst for economic development.
The power plant will be designed to be equipped with
state-of-the-art emissions controls technologies that will reduce
local air pollutants, minimizing the plant's impact on the
environment and ensuring its compliance with the most stringent
emission standards
In 2019, the Company entered into the Commercial and Industrial
("C&I") renewable and battery storage sector and in October
2019 announced its first investment in an off grid solar battery
project. The Company has also secured the right to fund a US$5.5m
C&I project development pipeline in Mozambique through a
Relationship Agreement with a C&I developer. The move into the
C&I solar and battery storage sector offers a significant
opportunity for the Company to complement the existing large-scale
baseload power project and access near-term low-risk annuity income
streams which have significant growth potential.
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