Marenica Energy (ASX: MEY) has announced an update following the company's Annual General Meeting yesterday.
Following his retirement in accordance with the company’s constitution, Nelson Chen has been re-appointed by the board as a director - with immediate effect.
John Young, chief executive officer, as previously foreshadowed has resigned which will take effect from this Friday (2 December 2011).
Young’s duties will be undertaken by the chairman Robert Pearce and non-executive director Doug Buerger, while a replacement for the position is sought.
Importantly, Young’s services will still be available to Marenica on a consultancy basis as required.
In other Marenica news, Simon Robertson has resigned as company secretary which will take effect from today, with Michael van Uffelen the new appointment.
Marenica eyes foray into U.S. coal sector
In a very interesting development for Marenica, in September the company announced a diversification of activities through a subscription for a cornerstone investment in a new IPO to be called Texas & Oklahoma Coal Company Limited (TOCC), which would provide the company with exposure to the rapidly emerging U.S. coal market.
The new coal investment is an initial step towards diversifying and expanding Marenica's asset base and provides an early-stage opportunity to participate in the development of coal export opportunities from the U.S.
Marenica subscribed for 3.4 million shares in TOCC, which has issued initial seed capital of 28.75 million shares at $US0.06 per share. This will equate to a substantial 6.4% interest in the company’s pre-IPO issued capital.
TOCC is in the process of acquiring options over or equity interests in selected coal projects in the U.S. Plans are well advanced to secure a coal resource base of between 100 million and 500 million tonnes. Listing on the ASX is expected in early 2012.