7 March
2024
Tirupati Graphite plc
('Tirupati', 'TG' or
the 'Company')
Directorate Changes
Tirupati Graphite plc (TGR.L,
TGRHF.OTCQX), the specialist flake graphite company and
supplier of the critical mineral for the global energy transition,
announces that, as part of an ongoing process to freshen and
strengthen its Board of Directors, the following changes are being
implemented:
● Ms Puruvi
Poddar and Mr Alastair Bath will join the Board in executive
roles.
● Mr Murat
Erden has resigned as a Non-executive Director with immediate
effect due to personal reasons however, shall continue
as a Senior Advisor to the
Board.
● The
establishment of an advisory board of which Mr Erden will be the
inaugural member.
● Search has
commenced for two Non-executive Directors to join the Board with
one appointment having experience of the mineral processing
industry, to progress Corporate Governance reforms.
● Search has
commenced to appoint a Chief Financial Officer,
preferably located in the UK, and
discussions are currently ongoing with London based
candidates.
Ms Puruvi Poddar, Chief of Corporate &
Business Development, has been appointed to the Board as Joint
Managing Director with immediate effect.
A Material Science Engineer having graduated
from the University of Manchester, Puruvi joined the Company on 1
August 2018 and has since achieved the position of Chief of
Corporate & Business Development. Over the years, she has been
a valuable executive for the Company contributing to an array of
activities including but not limited to marketing and sales of the
Company's products, corporate activities including being a
co-author of the Company's listing prospectus, annual reports and
detailed feasibility studies, the author of the Company's maiden
Sustainability Report, co-managing the operations of the Company's
projects in Madagascar, and in general managing the affairs of the
business of the Company and its development. Puruvi has acquired a
deep understanding of graphite and its markets, its applications
and customer expectations which is a key area for the Company's
success. She also manages the Company's social media and Investor
relations.
Ms Poddar currently holds 101,587 of ordinary
shares of £0.025 each in the capital of the Company and is due to
be issued a further 1,363,636 ordinary shares in April per the
recent equity raise as part of the Subscription (see 17 January
2024 RNS).
Mr Alastair Bath, working as Associate,
Corporate & Business Development, located in London, will be
appointed to the Board as an Executive Director with immediate
effect.
Holding a Post Graduate Diploma in Law, with an
international commodity trading background, Alastair joined the
Company as an associate in the Corporate and Business Development
team on 31 May 2023. Since joining, Alastair has worked in various
areas including coordinating activities with the Company's
Registrars and Secretary, interactions with governmental
authorities across jurisdictions, engaging with foreign missions,
documentation with contracting parties for business and project
development, attending international trade shows related to
Graphite markets and supporting the marketing of the Company's
flake graphite products, research and identification of
opportunities within the evolving battery and EV sectors, and
assisting in social media and investor relations. Alastair's
presence in London as an Executive Director is expected to provide
the Company with stronger investor relations management and
interface with Company stakeholders.
Mr Bath currently holds 540,815 of ordinary
shares of £0.025 each in the capital of the Company and is due to
be issued a further 54,545 ordinary shares in April per the recent
equity raise as part of the Subscription (see 17 January 2024
RNS).
Owing to personal reasons, Mr. Murat Dogan
Erden has resigned from the Board of the Company. Although his
presence on the Board will be missed, Mr. Erden shall continue to
be engaged by the Company as a Senior Advisor to the Board. Given
his extensive experience and in senior executive financial roles,
we expect Mr. Erden will play a crucial role in providing
independent guidance to the Board on debt and other financing
engagements, long-term commercial contracts, and similar strategic
activities.
The renewed Board is enthusiastic about
delivering the objectives and vision of the Company and will work
to further build the Board structure and improve governance
structures initially through the intention to add two Non-executive
and independent Directors, and a CFO preferably London
based.
Shishir
Poddar, Executive Chairman, said:
"I am
delighted to welcome Puruvi and Alastair to the Board. Puruvi has
already demonstrated a strong commitment to the Company and has
acquired extensive expertise in all aspects of the business and the
global graphite market. In the months since Alastair joined
the Company, he has demonstrated that he can provide us with a
strong presence in the London market alongside adding value in
executing strategic objectives. I am confident that their board
appointments will enable them to contribute even further to the
success of Tirupati.
"We are
conscious that the composition of the Board needs balancing with
the appointment of experienced and independent non-executives and a
finance executive; we have started the search for these
appointments.
"I would like
to thank Murat for his contribution to the Company and for agreeing
to remain involved as an advisor - the first of what we intend to
be an Advisory Committee of experts.
"The Board is
committed to the success of the Company and the best interest of
its shareholders."
ENDS
For further information, please
visit https://www.tirupatigraphite.co.uk/ or
contact:
Tirupati
Graphite Plc
Puruvi Poddar - Joint Managing
Director
|
admin@tirupatigraphite.co.uk
+44 (0) 20 39849894
|
Optiva
Securities Limited (Broker)
Ben Maitland - Corporate Finance
|
+44 (0) 20 3034 2707
|
FTI Consulting
(Financial PR)
Ben Brewerton / Nick Hennis / Lucy
Wigney
|
+44 (0) 20 3727 1000
tirupati@fticonsulting.com
|
About Tirupati
Graphite
Tirupati Graphite Plc is a specialist Graphite
producer and a supplier of the critical mineral for a decarbonised
economy and the energy transition. The Company places a special
emphasis on green applications including renewable energy,
e-mobility, energy storage and thermal management, and is committed
to ensuring its operations are sustainable.
The Company's operations include primary mining
and processing in Madagascar where the Company operates two key
projects, Sahamamy and Vatomina with a combined 30,000 tpa of
currently installed capacity, producing high-quality flake graphite
concentrate with up to 97% purity and selling to customers
globally.
The Company also holds two advanced stage,
world class, natural graphite projects in Mozambique. Work has
already commenced to optimise the economics for development of the
Montepuez graphite project, which is permitted for 100,000tpa
production and where substantial construction work has already been
undertaken by the predecessor.