20 September 2010 â€“ White Energy Company Limited (ASX: WEC; OTCQX: WECFY) (â€œWhite Energyâ€) today announced that new directors have formally been appointed to the White Energy board. Travers Duncan, former Felix Resources (â€˜Felixâ€™) Chairman, is the new Chairman of White Energy, and Brian Flannery, former Managing Director of Felix has been appointed as Chief Executive Officer of White Energy and to the board as an executive director. In addition, former Felix board members Hans Mende and John Kinghorn have been appointed as non-executive directors, joining existing board members John McGuigan, John Atkinson and Graham Cubbin.
The changes to the composition of the board follow White Energyâ€™s recent takeover of South Australian Coal Limited and the related $75 million capital raising from interests associated with Travers Duncan, Brian Flannery and John Kinghorn. Through AMCI Capital LP, Hans Mende has also agreed to invest a further $19.3 million in the Company as part of the recent subscription rights issue.
The enhancement of the White Energy board and management team, the significant increase in its capital reserves and the acquisition of the South Australian Coal Company increases the size, scope and diversity of White Energyâ€™s operations and provides greater access to the execution skills required for White Energy to become a mid tier coal company.
Travers Duncan, Chairman of White Energy said; â€œThe calibre of these new appointments, combined with our unique coal upgrading technology, substantial cash reserves and stand-alone coal assets, provides an outstanding position for future growth.â€