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Coro Energy PLC - low carbon energy in South East Asia - James Parson switches to executive chair from non-executive, effective immediately, as part of a set of board changes following a vote of support from debt owners. Holders of half of Coro's €22.5 million in 5.0% secured notes support restructuring proposals on Friday, while the vote on the other half is adjourned until April 11 for lack of quorum. Coro appoints Stephen Birrell, a geoscientist, as an independent non-executive director, while Fiona MacAulay and Andrew Dennan are stepping down. Coro aims to hire an additional independent non-executive director in the next 12 months.
‘Buoyed by strong gas production in Italy, the company is approaching multiple critical inflexion points across both the Duyung [production sharing contract], where commercial progress is expected imminently, and its South East Asian renewables portfolio, where we expect to secure maiden cashflows by the end of the year and continue to make progress on a number of projects,’ Parsons says.
Current stock price: 0.44 pence
12-month change: up 19%
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