The information communicated within this announcement is
deemed to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this information is considered to
be in the public domain.
11 December 2024
Tirupati Graphite
plc
('Tirupati', 'TG', the
'Group' or the 'Company')
Board
Restructuring
Tirupati Graphite plc (TGR.L,
TGRHF.OTCQX), the specialist flake graphite company and producer of
this critical mineral for the global energy transition, announces a
significant restructuring of its Board of Directors pursuant to the
Board restructuring plan communicated by the Company:
Board Restructuring
The Company has
appointed Christian St. John-Dennis, Murat Dogan Erden
and Anthony James Nieuwenhuys as Non-Executive Directors,
effective immediately.
This strategic move will enhance the
corporate governance of the Company and strengthen the Company's
leadership. Furthermore, it supports the Company's critical
priorities, including the ongoing audit process, securing funding,
and resolving the current trading suspension. Further details about
the appointments are as below:
|
1.
|
Anthony James Nieuwenhuys: An
experienced CEO of listed mining companies, with deep expertise in
operational leadership and corporate governance.
Mr Nieuwenhuys is currently a director and CEO of
TSX listed Zeb Nickel Corp and Kopanag Gold Empowerment company,
having previously been a director of AIM listed Eurasia Mining
PLC.
|
|
2.
|
Murat Dogan Erden: A seasoned
CFO with extensive experience in debt & capital markets,
governance, and financial strategy, and an FCA-approved
Non-Executive Director and Chairman in private equity, specialising
in sustainable strategies in Africa. Mr. Erden is currently a
director of Arch Emerging Markets Partners Limited. Mr. Erden was
previously a Non-Executive Director of the Company from October
2023 to March 2024.
|
|
3.
|
Christian St.John-Dennis: A recognised Corporate Broker, Mr. Dennis is
the CEO of
Optiva Securities Limited, a FCA regulated Broker in London. Mr. Dennis is currently also a Director of Hoxton
Spirits Limited. Mr. Dennis was previously a Non-Executive Director of the Company from April 2017 to July 2023.
|
Simultaneously, Puruvi
Poddar has resigned from her position as a Director on the
Board. Puruvi will continue to contribute to Tirupati's growth in
her capacity as Chief of Corporate & Business Development,
where she will focus on advancing the Company's strategic and
commercial initiatives.
The Company has also further
identified and is progressing discussions with potential CFO
candidates and Independent Non-Executive Director preferably with
experience of chairing The Audit Committee. The restructured Board
will be working to finalise these together with a planned
fundraising as part of its initial agenda.
Commenting on the restructuring, Michael Lynch Bell,
Non-Executive Chairman of Tirupati, said:
"The decision to restructure the Board stems from our
commitment to strengthen the Board and support Tirupati's financing
needs. Once completed we will concentrate on our growth
agenda.
I
would like to welcome Christian, Murat and James, who bring a
breadth of expertise, to our Board.
We
are also grateful to Puruvi for her invaluable contributions as a
Board Director and are pleased that she will continue to lead our
strategic initiatives as Chief of Corporate & Business
Development."
ENDS
For further information, please
visit https://www.tirupatigraphite.co.uk/ or
contact:
|
Tirupati Graphite Plc
Puruvi Poddar - Chief of Corporate
& Business Development
|
admin@tirupatigraphite.co.uk
+44 (0) 20
39849894
|
|
CMC
Markets UK Plc (Broker)
Douglas Crippen
|
+44 (0)20
3003 8632
|
|
Musst / ViTa-Connect (Financial Adviser)
Tabrez Khan
|
tabrez@vita-connect.co
+44 746
903 3573 / +971 50871 7864
|
|
FTI
Consulting (Financial PR)
Ben Brewerton / Nick Hennis / Lucy
Wigney
|
+44 (0) 20
3727 1000
tirupati@fticonsulting.com
|
About Tirupati Graphite
Tirupati Graphite Plc is a
specialist Graphite producer and a supplier of the critical mineral
for a decarbonised economy and the energy transition, with leading
low development capital and operating costs. The Company places a
special emphasis on green applications including renewable energy,
e-mobility, energy storage and thermal management, and is committed
to ensuring its operations are sustainable.
The Company's operations include
primary mining and processing in Madagascar where the Company
operates two key projects, Sahamamy and Vatomina with a combined
installed final production nameplate capacity of 30,000tpa, subject
to minor capex additions. The Madagascar operations produce
high-quality flake graphite concentrate with up to 97% purity and
selling to customers globally.
The Company also holds two advanced
stage, world class, natural graphite projects in Mozambique. Work
has already commenced to optimise the economics for development of
the Montepuez graphite project, which is permitted for 100,000tpa
production and where substantial construction work has already been
undertaken by the predecessor. A table of the Company's projects is
provided below:
|
Country
|
Project
|
Stage
|
|
Madagascar
|
Sahamamy
|
Production paused: 18,000tpa
nameplate capacity
|
|
Madagascar
|
Vatomina
|
In Production: 12,000tpa nameplate
capacity
|
|
Mozambique
|
Montepuez
|
100,000tpa permitted,
construction-initiated
|
|
Mozambique
|
Balama Central
|
58,000tpa permitted,
development-ready
|
