Edenville reshuffles board as Rukwa talks advance
JOHANNESBURG (miningweekly.com) – Edenville Energy has reshuffled its board of directors, citing a need to to better reflect the needs of the business going forward, maintain a carefully managed cost base and retain the experience and knowledge of key directors relevant for this stage of the company's development.
The group added that new interest and increasing activity in Tanzania – as the company positioned itself with the Tanzanian government authorities to progress its Rukwa power plant project – had resulted in a need for an “appropriate” board reorganisation.
Consequently, COO and nonexecutive director Mark Pryor, who had extensive knowledge of Edenville's Rukwa coal assets, would step into an executive director position as Edenville's COO.
Edenville stated that, as Pryor’s involvement with Edenville, both in the UK and Tanzania, had increased in recent months, this executive position better reflected his role in driving the business forward.
Moreover, “to maintain the balance of the board”, executive chairperson Sally Schofield would become nonexecutive chairperson of the company, with a commensurate reduction in fees.
As an additional cost reduction measure, FD Rakesh Patel would step down from the board but would continue to provide financial and accountancy services to the company on a consultancy basis.
Following the reorganisation, the board would comprise Pryor, Schofield, executive director and CEO Rufus Short, executive director and nonexecutive director Arun Srivastava.
Edenville believed the changes would also also help it to keep fixed costs at an appropriate level while it progressed discussions with potential financial and technical partners for the next phase of its development.
Short was, meanwhile, continuing to lead discussions with a number of parties interested in Rukwa and would advise shareholders once these discussions progressed to an “appropriate” stage.
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