Source - LSE Regulatory
RNS Number : 2801N
Aminex PLC
29 January 2021
 

29 January 2021

 

Aminex plc

("Aminex" or "the Company")

 

Strategic and Corporate Update

To take advantage of opportunities provided by the Ruvuma Farm-Out, avoid the need for further dilution, and improve shareholder value, the Company has been working on several important strategic initiatives. As part of these initiatives, the Company is restructuring the Board and further cutting costs. 

Further Cost Reduction

In 2021, the Company intends to reduce gross general and administrative costs by 30% from 2020 levels and an additional 25-30% reduction in 2022. By 2022, these efforts will reduce gross general and administrative expenditure (before one-off costs and exceptional items) to less than £1 million per annum, representing a 75% reduction from 2018 levels.

Board Restructuring

The Company is reducing the Board from five directors to three. With immediate effect, Robert Ambrose is stepping down as interim CEO and director, and Charles Santos shall become Executive Chairman. Robert has kindly offered to assist in the transition. As announced on 26 January 2021, Jan Gunnar Opsal stepped down as a non-executive director.

Charles Santos, Executive Chairman of Aminex, commented:

"We are indebted to Robert for stepping in at short notice last April, steering the Company through the farm-out process and positioning it for the future. In many respects, these current changes complete the restructuring started by Robert. Our objectives now are to capitalise on Aminex's fully carried valuable Ruvuma asset, maintain discipline on expenditures, and with a lean and effective management team pursue our strategic initiatives. Finally, we all thank Robert and wish him well in his future endeavours."

 

For further information:

 

Aminex PLC 

 

 

 

+44 20 3198 8415 

Charles Santos, Executive Chairman

 

 

Davy 

+353 1 679 6363 

Brian Garrahy 

 

 

 

Camarco 

+44 20 3781 8331 

Billy Clegg / James Crothers / Daniel Sherwen 

 

 

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