FERONIA ANNOUNCES ELECTION OF NEW DIRECTOR
TORONTO, ONTARIO, CANADA – June 20, 2017: Feronia Inc. (“Feronia” or the “Company”) (TSX VENTURE: FRN) today announces a change to its board of directors. At the Company’s annual meeting the shareholders approved the election of all director nominees. Peter van As did not stand for reelection and Paul Wythe was elected in his place as a nominee of Phatisa. Each of the directors was elected to hold office until the next annual meeting of shareholders or until a successor is duly elected or appointed.
Mr. Wythe is a senior partner at Phatisa, the fund manager of the African Agriculture Fund and the Pan African Housing Fund. He holds a degree in economics and has been a qualified chartered accountant since 1985. He spent three years with Deloitte in Central London prior to being Head of Internal Audit at Lonrho East Africa (Nairobi), Finance Director at the British Printing Company Limited, Country Finance Director at Lonrho Africa Plc (Malawi), and Corporate Development Director, Africa with the James Finlay Group (Africa). Mr. Wythe has also been involved in interim management and consultation work and has extensive international experience in Africa and a wide range of strengths including finance, supply chain management, project management, restructuring, human resources and change management.
Frank Braeken, Chairman of Feronia commented: “It is my pleasure to welcome Paul Wythe to the board of directors. His wealth of experience will be an asset to the ongoing development of our business. I would also like to thank Peter van As for his dedicated service to the Company.”
Following the election of directors, the board of directors of Feronia Inc. will consist of the following individuals:
- Frank Braeken – Independent Non-Executive Chairman
- Xavier de Carniere - Chief Executive Officer, Executive Director
- Ravi Sood – Executive Director
- Monique Gieskes – Independent Non-Executive Director
- Nicholas Thompson CBE – Independent Non-Executive Director
- Nigel Gourlay – Independent Non-Executive Director
- David Osborne – CDC Group Plc Nominee, Non-Executive Director
- David Easton – CDC Group Plc Nominee, Non-Executive Director
- Paul Wythe – Phatisa Nominee, Non-Executive Director
- David White – Phatisa Nominee, Independent Non-Executive Director
The above noted change to the board of directors is subject to the approval of the TSX Venture Exchange.
For further information please contact:
Xavier de Carniere
Chief Executive Officer, Feronia Inc.
+44 (0)7468 697 658
Director of Communications & Corporate Development, Feronia Inc.
+44 (0)7554 521421
About Feronia Inc.
- Feronia is an agribusiness operating in the Democratic Republic of the Congo (DRC).
- At the heart of Feronia lies a long established palm oil business, Plantations et Huileries du Congo (PHC), which has three remotely located plantations; Lokutu, Yaligimba and Boteka.
- When Feronia acquired its palm oil business from Unilever in 2009, it had suffered from years of underinvestment and considerable disruption caused by conflict in the DRC. Our initial focus has been on rebuilding the business and resuming production to secure its future and the livelihoods of the thousands of people it employs.
- Feronia’s plantations produce crude palm oil (CPO) and palm kernel oil (PKO). CPO is part of the staple and traditional diet of the Congolese and, with our products sold locally in the DRC, we are well placed to help decrease reliance on imports and increase food security and quality.
- Feronia prides itself on being the guardian of our 106 year-old palm oil business and its employees, communities, and environment. We have a long term commitment to improve the living and working environment of our employees and their communities and are committed to sustainable agriculture, environmental protection and community inclusion. Feronia has in place Environmental and Social Management which is focused on implementing environmental and social best practice and improving social infrastructure.
- Feronia is working towards certification by the Roundtable for Sustainable Palm Oil (RSPO) and is implementing IFC/World Bank standards for environmental and social sustainability. Our oil palm replanting programme is brownfield in nature – replacing old palms with new – and it has no reliance on deforestation.
- For more information please see www.feronia.com
Except for statements of historical fact contained herein, the information in this press release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “anticipates”, “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may” and “will”. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others: risks related to foreign operations (including various political, economic and other risks and uncertainties), the interpretation and implementation of the “Loi Portant Principes Fondamentaux Relatifs A L’Agriculture”, termination or non-renewal of concession rights or expropriation of property rights, political instability and bureaucracy, limited operating history, lack of profitability, lack of infrastructure in the DRC, high inflation rates, limited availability of debt financing in the DRC, fluctuations in currency exchange rates, competition from other businesses, reliance on various factors (including local labour, importation of machinery and other key items and business relationships), the Company’s reliance on one major customer, lower productivity at the Company’s plantations and arable farming operations, risks related to the agricultural industry (including adverse weather conditions, shifting weather patterns, and crop failure due to infestations), a shift in commodity trends and demands, vulnerability to fluctuations in the world market, the lack of availability of qualified management personnel and stock market volatility.
Details of the risk factors relating to Feronia and its business are discussed under the heading “Risks and Uncertainties” in Feronia’s Management’s discussion and Analysis for the year ended December 31, 2016, a copy of which is available on the Company’s SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.