LONDON - Tirupati Graphite PLC (TGR.L), a graphite production company, announced today the appointment of Peter Thomas as Interim Chief Financial Officer, effective immediately. The company also provided an update on the progress of its statutory audit for the year ended March 31, 2024, and reported on operational developments.
The announcement comes as the company, which specializes in flake graphite critical for the global energy transition, is working toward completing its audited report and accounts. The audit, conducted by Johnson's Chartered Accountants, has resumed after recent discussions between the auditors and the company's newly appointed directors.
Thomas, who will be based in London, brings extensive experience in the energy and resources sector to the role. His immediate focus will be on finalizing the statutory audit, assisting with short-term financing arrangements, reaching agreements with creditors, and improving financial systems and reporting. With a history of senior financial roles in various listed and private companies, including international oil drilling and engineering group KCA Deutag, Thomas is expected to join the company's Board and contribute strategic guidance for its development.
In addition to the CFO appointment, the company's co-CEO, James Nieuwenhuys, is currently visiting the company's projects in Madagascar to prepare for the resumption of production and to review the potential expansion capacity. The executive team is also engaging with customers to coordinate a structured restart of operations.
Tirupati Graphite is also exploring opportunities for vertical integration of advanced graphite processing capabilities to enhance its primary flake graphite processing projects and operations in Madagascar and Mozambique.
Mark Rollins (NYSE:ROL), Executive Chairman of Tirupati Graphite, expressed confidence in the company's progress and the addition of Thomas to the team. He emphasized the importance of the operational reset in Madagascar and the company's eagerness to meet customer orders during a favorable time in the global graphite markets.
The company will provide further updates on the release of the audited report and accounts and its plans to resume trading of its shares. This article is based on a press release statement from Tirupati Graphite.
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