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Atlantis Resources has a new head of finance

By: Tom Russell 15/09/2015 Atlantis Resources edited by 4C Offshore

General Tidal

Atlantis Resources, a tidal power generation company, have announced the appointment of Simon Counsell as Chief Financial Officer.

The Company has accepted the resignation of Duncan Black as Chief Financial Officer ("CFO"), who will step down on 18 September 2015, due to the intended relocation of the corporate headquarters, including the finance and administration function, to Scotland from Singapore.

Duncan has decided against relocating his family to Scotland and has therefore chosen to step down as CFO. However, he has agreed to remain on the Board as a Non-executive Director. The process of recruiting a UK-based replacement CFO has been successfully completed and the Board is delighted to appoint Simon Counsell as CFO. Simon will join the Company by 15 November 2015. It is the intention that Simon will join the Board in due course as he is currently UK and Netherlands Finance Director at InterGen (UK) Ltd, a role he has held since 2003.

The relocation of Atlantis' corporate headquarters to Scotland is a natural progression following last year's admission to AIM, the MeyGen project in Scotland entering the construction stage and the recent acquisition of Marine Current Turbines Limited, which included a portfolio of six projects expanding the Company's footprint into Wales, Northern Ireland and Southern England, and increasing the project development portfolio in Scotland.

John Neill, Chairman of Atlantis, commented: "I am delighted that we have appointed Simon as CFO as he brings with him a wealth of experience in financial management within the global power generation industry, strong finance-related technical skills and a track record of playing an integral role in achieving business growth."

"On behalf of the Board, I would like to take this opportunity to express our sincere gratitude to Duncan for the huge contribution he has made to the success of Atlantis since he joined the Company. It has been a pleasure to work alongside him during a period which has seen Atlantis transformed into a global leader in the tidal power sector with an international portfolio of projects but a strong focus in the UK."

Simon Counsell commented: "I am very excited to be joining Atlantis. I have long been impressed with the business and its leading position at the helm of a burgeoning global tidal power sector and look forward to building on the very strong foundations which have been established."

Duncan Black, outgoing CFO of Atlantis, said:"It is not without regret that I have made the decision to remain in Singapore and step down as CFO of Atlantis. I look forward to my new role as a Non-executive Director and will work to ensure that there is a seamless handover to my replacement. I remain confident that the outlook for Atlantis is positive and intend to remain a long-term shareholder."

Last week Atlantis formed a joint venture with the Irish Tidal developer, DP Energy group. The partnership looks to develop a multi-turbine array at the FORCE facility in Nova Scotia, Canada.

Atlantis and DP Energy entered into a sale and purchase agreement for the sale of a 50% interest in Atlantis's wholly owned subsidiary, Atlantis Operations (Canada) Limited ("AOCL"). AOCL is the lease holder of a berth at the Fundy Ocean Research Centre for Energy (FORCE) in Nova Scotia's Bay of Fundy, and beneficiary of a grant of up to $5 million (Canadian) from Sustainable Development Technology Canada for installation of a tidal stream project at the site.

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Atlantis Resources has a new head of finance

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