DGAP-News: ICHOR Coal N.V. / Key word(s): Corporate Action ICHOR Coal N.V.: IchorCoal Realigns its Strategy 19.12.2013 / 12:21
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IchorCoal Realigns its Strategy - Future focus on coal production - Investments in HMS Bergbau AG and Polish mining projects sold - New Management Board Chairman to be appointed, Lars Schernikau leaves Supervisory Board - 'Realignment sharpens profile for investors' Berlin, 19 December 2013: IchorCoal N.V., an internationally operating mineral resource company, will be concentrating in future exclusively on the expansion of coal production, mainly in South Africa, and will therefore be giving up its shares in HMS Bergbau AG and the two mining projects in Poland. The corresponding contracts have been signed and will be realised before year-end. 'Our collaboration with HMS Bergbau has been successful and will continue,' says Lars Windhorst, Chairman of the Supervisory Board. 'However, in amicable agreement we see a greater advantage in having each partner focus on its respective strengths and, at the same time, we can sharpen our profile on the capital market.' When it was founded in 2011, IchorCoal took over a significant majority holding in HMS Bergbau, which specialises in coal trading. Following the merger, Heinz Schernikau, CEO of HMS Bergbau, also became CEO of IchorCoal. Sebastian Giese, CFO, has also been with IchorCoal since that time. The aim of this cooperation was to develop the value chain in coal trading over production, marketing and logistics, thus creating synergies for both sides. 'We have succeeded in doing that,' stresses IchorCoal's Supervisory Board Chairman Lars Windhorst. 'However, in the course of collaboration we have found that the specific demands made on a production company and on a trading company were more different than originally assumed. That is why we have opted for a separation after securing synergies.' In the wake of this dissolution, the Schernikau family will buy back all the HMS Bergbau stocks held by IchorCoal and those of the two mining projects in Poland, HMS Niwka Coal Production Sp. z o.o. and Pszczyna Coal Production Company Sp. z o.o., which is a very early stage mining development project. The two parties have agreed not to disclose details of the transaction. Accordingly, CEO Heinz Schernikau will not be renewing his contract with IchorCoal, which will expire at the end of the year. In addition, Lars Schernikau has resigned as Vice-Chairman of the Supervisory Board of IchorCoal. 'We are already in final negotiations for a CEO and a COO with candidates who have both experience in coal production as well as in-depth knowledge of South Africa,' says Supervisory Board Chairman Windhorst. A new member of the Supervisory Board will be also proposed in the near future. An Extraordinary General Meeting will be held at the beginning of the next year to elect the new members of the Management Board and the Supervisory Board. CFO Sebastian Giese, who was reappointed on 17 December by the shareholders, will ensure continuity in terms of personnel at IchorCoal. Cooperation between IchorCoal and HMS Bergbau will continue on a contractual basis. A concrete example of this is the successful marketing of South African steam coal from the Vunene mine in Ermelo. The present contract has been operating successfully. 'In this way we can continue to benefit from synergies in the future, but with a clear focus on the core competencies of both partners,' explains IchorCoal's Supervisory Board Chairman Windhorst. The Management Board About IchorCoal N.V. IchorCoal N.V. is an internationally operating mineral resource company specialising in investments in coal resources as well as in other projects in the field of coal logistics and coal handling. The company is aiming to secure its own coal resources, to gain control along the value chain and to sell the coal produced on the international markets. In view of the global rise in demand for coal, the market opportunities are enormous, whereby entrepreneurial action is essential and holds out the promise of excellent results. The company is headed by CEO Heinz Schernikau (until December 31st, 2013) and CFO Sebastian Giese. Both managers have long-standing experience in the commodity sector. Forward-looking statements This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected mining and associated costs, statements relating to estimates of, and increases in, production, cash flows and values, and other statements that are not historical facts. When used in this document, words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward-looking statements. Although IchorCoal believes that its expectations reflected in these forward-looking statements are reasonable, such statements do involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the possibility that the company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material impact, and that IchorCoal fails to raise sufficient capital to adequately fund its activities. Contact: IchorCoal N.V. An der Wuhlheide 232, 12459 Berlin Tel.: +49 30 65 66 81 60 Fax: +49 30 65 66 81 15 info@ichorcoal.com www.ichorcoal.com Thomas Luber NewMark Finanzkommunikation Zum Laurenburger Hof 76, 60594 Frankfurt Tel.: +49 69 94418069 Mobile: +49 171 8311216 Thomas.luber@newmark.de End of Corporate News
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19.12.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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245569 19.12.2013
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IchorCoal Realigns its Strategy - Future focus on coal production - Investments in HMS Bergbau AG and Polish mining projects sold - New Management Board Chairman to be appointed, Lars Schernikau leaves Supervisory Board - 'Realignment sharpens profile for investors' Berlin, 19 December 2013: IchorCoal N.V., an internationally operating mineral resource company, will be concentrating in future exclusively on the expansion of coal production, mainly in South Africa, and will therefore be giving up its shares in HMS Bergbau AG and the two mining projects in Poland. The corresponding contracts have been signed and will be realised before year-end. 'Our collaboration with HMS Bergbau has been successful and will continue,' says Lars Windhorst, Chairman of the Supervisory Board. 'However, in amicable agreement we see a greater advantage in having each partner focus on its respective strengths and, at the same time, we can sharpen our profile on the capital market.' When it was founded in 2011, IchorCoal took over a significant majority holding in HMS Bergbau, which specialises in coal trading. Following the merger, Heinz Schernikau, CEO of HMS Bergbau, also became CEO of IchorCoal. Sebastian Giese, CFO, has also been with IchorCoal since that time. The aim of this cooperation was to develop the value chain in coal trading over production, marketing and logistics, thus creating synergies for both sides. 'We have succeeded in doing that,' stresses IchorCoal's Supervisory Board Chairman Lars Windhorst. 'However, in the course of collaboration we have found that the specific demands made on a production company and on a trading company were more different than originally assumed. That is why we have opted for a separation after securing synergies.' In the wake of this dissolution, the Schernikau family will buy back all the HMS Bergbau stocks held by IchorCoal and those of the two mining projects in Poland, HMS Niwka Coal Production Sp. z o.o. and Pszczyna Coal Production Company Sp. z o.o., which is a very early stage mining development project. The two parties have agreed not to disclose details of the transaction. Accordingly, CEO Heinz Schernikau will not be renewing his contract with IchorCoal, which will expire at the end of the year. In addition, Lars Schernikau has resigned as Vice-Chairman of the Supervisory Board of IchorCoal. 'We are already in final negotiations for a CEO and a COO with candidates who have both experience in coal production as well as in-depth knowledge of South Africa,' says Supervisory Board Chairman Windhorst. A new member of the Supervisory Board will be also proposed in the near future. An Extraordinary General Meeting will be held at the beginning of the next year to elect the new members of the Management Board and the Supervisory Board. CFO Sebastian Giese, who was reappointed on 17 December by the shareholders, will ensure continuity in terms of personnel at IchorCoal. Cooperation between IchorCoal and HMS Bergbau will continue on a contractual basis. A concrete example of this is the successful marketing of South African steam coal from the Vunene mine in Ermelo. The present contract has been operating successfully. 'In this way we can continue to benefit from synergies in the future, but with a clear focus on the core competencies of both partners,' explains IchorCoal's Supervisory Board Chairman Windhorst. The Management Board About IchorCoal N.V. IchorCoal N.V. is an internationally operating mineral resource company specialising in investments in coal resources as well as in other projects in the field of coal logistics and coal handling. The company is aiming to secure its own coal resources, to gain control along the value chain and to sell the coal produced on the international markets. In view of the global rise in demand for coal, the market opportunities are enormous, whereby entrepreneurial action is essential and holds out the promise of excellent results. The company is headed by CEO Heinz Schernikau (until December 31st, 2013) and CFO Sebastian Giese. Both managers have long-standing experience in the commodity sector. Forward-looking statements This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected mining and associated costs, statements relating to estimates of, and increases in, production, cash flows and values, and other statements that are not historical facts. When used in this document, words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward-looking statements. Although IchorCoal believes that its expectations reflected in these forward-looking statements are reasonable, such statements do involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the possibility that the company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material impact, and that IchorCoal fails to raise sufficient capital to adequately fund its activities. Contact: IchorCoal N.V. An der Wuhlheide 232, 12459 Berlin Tel.: +49 30 65 66 81 60 Fax: +49 30 65 66 81 15 info@ichorcoal.com www.ichorcoal.com Thomas Luber NewMark Finanzkommunikation Zum Laurenburger Hof 76, 60594 Frankfurt Tel.: +49 69 94418069 Mobile: +49 171 8311216 Thomas.luber@newmark.de End of Corporate News
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19.12.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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245569 19.12.2013
