Scirocco Energy PLC Board Changes (6141X)

TIDMSCIR

RNS Number : 6141X

Scirocco Energy PLC

27 April 2023

Scirocco Energy plc

("Scirocco" or the "Company")

Board Changes

Scirocco (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is pleased to announce the appointment of Matt Bower as a Non-Executive Director.

Mr. Bower, aged 57, joins Scirocco's board of directors as a nominated representative of GP Jersey, the Company's largest shareholder with a holding of 8.82%. Mr. Bower is presently a company director of Makabo Limited, a consultancy providing strategic advisory and business planning to the Leadership and Boards of high growth start-up technology and innovation companies. Mr. Bower brings relevant expertise, having served as the Chief Operating Officer and Chief Financial Officer at various listed and private companies in the energy sector. Mr. Bower is also currently engaged as a strategic advisor to the Board of Directors of a number of high growth green technology companies, including to Fluechem Limited, a company at which Niall Roberts, Scirocco's recently appointed NED, is CEO, and Frazer Lang, executive director of GP Jersey, is a stakeholder.

The Company is aware of the recommendations of the QCA Code, being the corporate governance code that the Company follows, and to that end, the Company intends to identify and appoint a new independent non-executive director by no later than the end of Q3 2023 to replace Don Nicolson, who is expected to step down from the Board at or around the time of the AGM. The Company will seek to add a second independent non-executive director in due course.

Commenting on the appointment, Alastair Ferguson, Chairman of Scirocco, said:

"We welcome Mr Bower to the Board and look forward to benefitting from his broad renewable energy experience. Mr Bower is another candidate put forward by our largest shareholder, GP Jersey, and his appointment reflects the Company's commitment to ensure alignment between the Board and its shareholders. As previously guided, the Board is evolving its composition to ensure it retains the right level of sector expertise and experience to pursue its stated growth strategy and will appoint, by the end of Q3 2023, an INED to replace Don Nicolson in order to maintain a level of independence on the Board."

AIM Rules for Companies, Schedule 2(g) Disclosures

The following additional information is provided in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies.

Mr Edwin Matthew (Matt) Bower (aged 57)

 
 Current Directorships   Past Directorships (in the 
                          last five years) 
 Makabo Limited 
                        ---------------------------

Mr. Bower does not directly hold any shares nor options over ordinary shares in the Company. Mr. Bower's spouse, Kathleen Bower, holds 1,896,226 ordinary shares in the Company, representing 0.21% of the issued share capital. He is also the appointed representative of GP Jersey, which owns 8.82% of the Company.

For further information:

 
 Scirocco Energy plc 
  Tom Reynolds, CEO                            +44 (0) 20 
  Doug Rycroft, COO                             7466 5000 
 
   Strand Hanson Limited, Nominated Adviser 
   Ritchie Balmer / James Spinney / Robert       +44 (0) 20 
   Collins                                       7409 3494 
 
   WH Ireland Limited, Broker                    +44 (0) 0207 
   Harry Ansell / Katy Mitchell                  220 1666 
 
   Buchanan, Financial PR 
   Ben Romney / Jon Krinks                    +44 (0) 20 7466 5000

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April 27, 2023 02:00 ET (06:00 GMT)

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