25 June 2020
IGas Energy plc (AIM: IGAS)
("IGas" or "the Company")
Reorganisation of Finance Function
IGas has today announced a number of cost saving measures as part of an in-depth review of expenditure.
As part of this review, it was identified that certain functions within the Chief Financial Officer's team could be restructured to reduce costs. It was proposed that the role of Chief Financial Officer (CFO) be made redundant and that the Group Financial Controller would take on overall responsibility for the finance function, reporting to the Chief Executive Officer, with other disciplines reporting to other members of the Executive Team.
The Board has accepted this proposal and Julian Tedder, CFO of the Company since 2015, will step down from 31 July 2020 with Frances Ward assuming responsibility from that date.
Stephen Bowler, CEO of IGas commented:
"Julian has played a key role in developing the business over recent years. He has been instrumental in strengthening the balance sheet and reducing the costs of IGas as we have adapted to changing opportunities and challenges.
I would like to thank him for the insight and dedication that he has provided during his time with us and wish him every success for the future."
For further information please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Stephen Bowler, Chief Executive Officer
Julian Tedder, Chief Financial Officer
Ann-marie Wilkinson, Director of Corporate Affairs
Investec Bank plc (NOMAD and Joint Corporate Broker) Tel: +44 (0)20 7597 5970
Sara Hale/Jeremy Ellis/Tejas Padalkar
BMO Capital Markets (Joint Corporate Broker) Tel: +44 (0)20 7653 4000
Tom Rider/Neil Elliot
Canaccord Genuity (Joint Corporate Broker) Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor/James Asensio
Vigo Communications Tel: +44 (0)20 7390 0230
Patrick d'Ancona/Chris McMahon