Board Appointment
The Parkmead Group plc announced the appointment of Douglas Sedge as an independent non-executive director, who will also chair the Audit Committee and serve on the Remuneration Committee, bringing extensive energy sector experience. This appointment follows the successful sale of a subsidiary for £14 million in firm cash, with £7 million received and the remaining £7 million due over 15 months, plus potential contingent payments of up to £120 million. The company anticipates releasing its annual results for the year ended 30 June 2025 before the end of the month.
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Parkmead, the independent energy group focused on growth through natural gas and renewable energy projects across the Netherlands and the UK, is pleased to announce the appointment of Mr Douglas Sedge as an independent non-executive director with effect from today.
Doug has been active in the energy sector for over 40 years. He has extensive experience in senior executive and non-executive positions including roles as Chairman and CEO. He has held senior roles in companies such as Weatherford International, Sparrows Group and RGB Limited, and has wide-ranging UK and international experience operating across numerous countries.
In addition to serving Parkmead as an independent non-executive director, Doug will chair the Company's Audit Committee and serve as a member of the Remuneration Committee.
Given the continued renewal of expertise and independent advice at Parkmead, the Company is well positioned for future growth with a strong and balanced portfolio of assets and an experienced team which is focused on delivery.
Earlier this year the Parkmead Board completed the successful sale of one of the Group's subsidiaries, which held operated interests in two offshore UK licences. This divestment brings £14 million of firm cash into Parkmead, £7 million of which has been received to date and the remaining £7 million is contracted to be received over the next 15 months. In addition, Parkmead may potentially receive up to a further £120 million in contingent cash payments in the event of future field development plans being approved.
The Company's next annual results, to 30 June 2025, are due to be released before the end of this month.
Tom Cross, Executive Chairman, commented:
"Doug is a highly respected figure in the energy sector. He brings a wealth of additional experience to the Parkmead Board at this important stage in the Group's development. His extensive industry knowledge will be valuable to Parkmead as we grow our portfolio and advance key upstream and renewable energy projects across the Netherlands and the UK."
Regulatory Disclosures:
The following information regarding the appointment of Douglas Alan Sedge, aged 69 is disclosed under Schedule 2(g) of the AIM Rules for Companies:
| Dron & Dickson Group Limited | ASCO UK limited |
Das Associates (Aberdeen) Ltd
Hawk Managers LLP
J&S Subsea Limited R&M Engineering Limited
Sparrowfin Holdings Limited
Zander Topco Limited
Douglas Sedge holds no shares or share options in Parkmead.
There are no further disclosures required under Schedule 2(g) of the AIM Rules for Companies.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.