ADM Energy PLC shares rose on Thursday, after it named Henry Bellingham as its new chair.
Shares in ADM closed up 6.9% to 0.53 pence each in London on Thursday.
Bellingham has served as a non-executive director of the London-based natural resource investor since July 2020.
He has also held a ‘distinguished’ parliamentary career for almost 40 years. Currently, he is chair of four private companies.
The appointment of Bellingham follows the anticipated resignation, which had been planned since early 2023. He will replace Oliver Andrews, who has held the position since August 2021.
ADM also said Richard Carter, an executive director of the company since July 2016, has also resigned to ‘pursue other opportunities.’
Chief Executive Officer Stefan Olivier said: ‘I too want to thank Oliver Andrews and Richard Carter for their efforts on behalf of the company. I have enjoyed working with both and believe they are leaving the company in a solid position from which to execute on both our legacy and new investments.
‘I fully support the appointment of Lord Bellingham as non-executive chairman and embrace his vision of expanding the scope of investments that will be included in ADM’s investment portfolio.’
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