LONDON (Alliance News) - Edenville Energy PLC Wednesday reshuffled its board as part of a move to cut its fixed costs while it continues to hold talks with prospective financial and technical partners that could help it develop its projects.
Edenville, which wants to develop new sources of coal-based energy in southern Tanzania, said Non-Executive Director Mark Pryor will become the company's chief operating officer, while Executive Chairman Sally Schofield will become non-executive chair and take a commensurate reduction in fees. As an additional cost reduction measure, Finance Director Rakesh Patel will step down from the board but will continue to provide financial and accountancy services to the company on a consultancy basis.
"The board reorganisation reflects the needs of the business going forward, maintaining a carefully managed cost base whilst retaining the experience and knowledge of key directors relevant for this stage of the company's development," Edenville said.
Pryor's move to an executive role reflects his increased involvement with the company in recent months, it said.
"Mark has extensive knowledge of Edenville's Rukwa coal assets, being part of the board since the AIM admission in 2010 and was responsible for the two drilling campaigns on the Rukwa coal project which culminated in defining a Measured and Indicated Coal resource of 170 million tonnes. Mark's involvement with Edenville, both in the UK and Tanzania, has increased during recent months and the executive position better reflects his key role in driving the business forward," the company said.
Meanwhile, Edenville Chief Executive Rufus Short said he is continuing to lead talks with a "number of potentially interested parties" and will advise shareholders once the talks progress to an "appropriate stage".
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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