SGN Solgenics Limited

TIDMNCCL

RNS Number : 8434P

Ncondezi Energy Limited

15 October 2019

News Release

Appointment of Interim COO and Investor Relations Firm

15 October 2019: Ncondezi Energy Limited ("Ncondezi" or the "Company") (AIM: NCCL) is pleased to announce the appointment of Mr Christiaan Schutte as the Company's interim Chief Operating Officer ("COO") and the appointment of Pimlico Advisory Ltd to provide Investor Relations services to the Company.

Chris Schutte's main responsibility will be to lead the technical process on the integrated Ncondezi 300MW coal fired power project and coal mine in Tete, Mozambique (the "Project"). This includes management of the Engineering Procurement and Construction ("EPC") and Operations and Management ("O&M") processes with the Company's strategic partners, which is due to be completed at the end of Q4 2019. Interim Chief Operating Office is a non-board position and Chris Schutte will not be a director of the Company.

Chris Schutte has considerable knowledge of the business having been a Non-Executive Director of Ncondezi from February 2013. During 2013 and 2014, Chris led the Company's power plant EPC and O&M processes. He was appointed COO of Ncondezi in March 2015 and took over the day to day project development in May 2015 when CEO Paul Venter stood down. Mr Schutte resigned as COO and from the Board in September 2018 when he was invited by Eskom Holdings SOC Ltd ("Eskom"), the largest power generator in Sub Saharan Africa, to join the Generation Group to support the daily production and scheduling of Eskom's power generation fleet. He supported Eskom's Generation Executive team on technical and production issues and was a key member of the team that put together Eskom's generation recovery plan. He interacted with the government appointed Ministerial Task Team in analysing current generation challenges. He left Eskom to pursue private consulting opportunities at the end of May 2019.

Prior to joining Ncondezi in 2013, Mr Schutte was a Senior General Manager in the Technology Group, responsible for all engineering functions at Eskom, including design accountability for new power stations, transmission lines and distribution development. Prior to this he was Senior General Manager of Eskom's Generation Division, managing five coal fired power stations with over 18,000 MW total installed capacity (60 times the size of the Ncondezi Project). He holds a degree in mechanical engineering and a Master's degree in business leadership.

In addition, the Company has appointed Pimlico Advisory Ltd to strengthen the Company's investor relations platform. Pimlico Advisory Ltd is a bespoke investor relations and corporate development consultancy founded by Elizabeth Johnson in September 2018. Elizabeth has over 12 years capital markets experience advising both private and publicly listed companies. She has considerable knowledge of the Company having acted for Ncondezi when she was a Corporate Broking Director at FinnCap. Prior to founding Pimlico Advisory she was a Director at SP Angel.

Ncondezi Chief Executive Officer, Hanno Pengilly said: "Chris's appointment as COO comes at an important time as the Company seeks to reinforce its in house technical expertise and ramp up its Project development programme with its strategic partners. Chris is uniquely positioned to drive key technical processes with his in-depth knowledge of the Project and experience operating some of the largest coal fired power plants on the continent. Chris' recent work at Eskom underlines the high regard in which his power generation expertise is held by Africa's largest power utility. This is a critical appointment to achieve the best results from the EPC and O&M bid process, allowing for the delivery of a competitive tariff to EDM.

We are also pleased to announce the appointment of Pimlico Advisory to assist with our investor relations ahead of what will be a very active 12 months for the Company as we continue to unlock the value of our Project."

Enquiries

For further information please visit www.ncondezienergy.com or contact:

 
                                                                  +44 (0) 7555 180 
 Ncondezi Energy:              Hanno Pengilly                      708 
 
   Liberum Capital Limited:      Andrew Godber, 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 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 +44 (0) 7555 180 708.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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October 15, 2019 02:00 ET (06:00 GMT)

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