NEOS RESOURCES PLC 
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NEOS Resources plc ("NEOS", the "Company")
Board Changes & Indian Operations
NEOS is pleased to announce that Duncan Keil and Gordon Tainton have been appointed to the Board as non-executive directors with immediate effect.
Mr Tainton has more than 30 years of natural resources sector experience at senior management levels with organisations including SGS Group, Inspectorate S.A., Sumitomo Corporation and European Nickel plc. Since 2009 he has been VP for Bulk Products at Aslchem International Inc. where he has focussed on sourcing ferrous metals and petrochemical products for industrial key accounts.
Mr Keil has more than 20 years of experience including a background in derivatives and risk management prior to a move into the renewable energy sector where he built-up a portfolio of businesses at Atmosclear SA, the Swiss-based private equity fund. He is currently Business Development Director of Ariya Capital, an investment company dedicated to sustainable investments in sub-Saharan Africa and has recently been working with ICAP Energy to build-up their renewable commodities footprint.
Mr Ravi Jose, Chief Operations Officer has resigned with immediate effect. We would like to thank Mr Jose for his efforts over the past two years and we wish him well. In line with the statements made with the interim results published on 27 March 2012 the orderly wind down of the Indian business has continued and the Board has now determined to cease operations entirely. Mr Myerson will now oversee the process with the assistance of the in-country staff that have been retained to facilitate the process and external consultants which may include Mr Jose. The expected net proceeds of the liquidation of India should result in the release of circa £0.1 million of cash which would be repatriated in due course in accordance with local laws and deployed in support of the Company's continuing operation.
The Board has resolved that Michael Moquette and Nicholas Myerson should receive remuneration of £5,000 as Non-Executive Chairman and £18,750 as Chief Executive Officer respectively per quarter. Mr. Moquette's will commence with effect from 1 September 2013 and Mr. Myerson's from 1 October 2013. Mr. Moquette will also continue to charge certain per diem expenses. Mr Tainton and Mr Keil will not receive any compensation until further notice.
The Company's financial position remains in line with previous announcements and as at 30 September 2013 the consolidated cash balance is approximately £0.5 million.
The previously announced contract to supply, as principal, 500 tonnes of used cooking oil ("UCO") to a global energy group is expected to be completed by the end of November 2013. This business is expected to generate a positive margin for the Company and we remain confident that further contracts with significantly increased volumes are within reach.
Enquiries:
NEOS Resources plc | +41 (0)22 908 1199 | |
Nicholas Myerson - Chief Executive Officer | ||
finnCap Ltd | +44 (0) 207 220 0500 | |
Stuart Andrews Christopher Raggett | ||
The following information is provided in compliance with Schedule 2(g) of theAIM Rules for Companies:
Mr. Alastair Duncan Keil is 50 years old, his current and previous directorships and partnerships are listed below:
Current Directorships | Directorships and partnerships held in the past 5 years |
Bioctane Ltd | Atmosclear SA |
Ariya Capital Pty | Delta Economics LLP |
Mr. Gordon Tainton is 57 years old, his current and previous directorships are listed below:
Current Directorships | Directorships held in the past 5 years |
Tegan Resources AG | |
There are no further disclosures required under Schedule 2(g) of the AIM Rules for Companies.
This information is provided by RNS
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