Renergen CEO Stefano Marani has moved to Austin, Texas, which the company said is “the most effective way to achieve our objectives”.
On Friday, Renergen released a convoluted ‘media briefing note’ that tip-toed around Marani’s move to the United States.
Curiously, the statement switched between first person and third person. Initially, it seemed like Marani wrote it, but later, it referred to ‘Stefano’.
Business Day reported that Marani had already left South Africa and is now living in the United States.
It said his move to the United States was communicated with analysts on a recent trip to South Africa amidst bad press.
Renergen did not communicate this move with the market. However, after Business Day asked for comment, it put out the ‘media briefing note’.
It should be noted that there was no ‘media briefing’ and that the company seemed to try to hide the fact that Marani was no longer in South Africa.
Instead of stating clearly that Marani was living in Texas, Renergen spoke about strategy execution, unlocking funding, and remote working during Covid.
For anyone who did not know that the company was trying to justify Marani leaving South Africa, it would be difficult to understand what the statement was about.
Renergen’s Media Briefing Note, published on 3 November 2023, is published in full below.
As a company focused on executing our strategy, it is important to ensure we keep our focus and find the most effective way to achieve our objectives. While the project has had delays, these do not detract from our focus on the necessary steps needed to be taken to move forward.
Capital to unlock the funding for Phase 2 is now front of mind and in a form as efficient as possible with the least possible dilution. To this end, we have already stated that we are preparing for a US IPO to maximise the chances of success and obtain the best valuations in the process. As such, a board decision authorised me to travel to the US to see through the capital raising process.
The organisation structure allows me to spend time in South Africa based on pre-determined periods of travel and have regular interaction with Nick and the team while I am focused on strategic IPO-related initiatives.
COVID has taught everyone that remote working is feasible, which is no different for Stefano. Nick Mitchell, our COO, oversees the business’s operational aspects, which Stefano is not involved in. Stefano is now focused on laying the necessary foundations for a successful IPO by being present and engaging with industry leaders and investors in the world’s largest oil and gas community.
Significant groundwork and relationship building are required for a successful IPO; thus, as a result, it is necessary for in-person discussions to take place in the United States.
This move clearly signals the Company and Stefano’s commitment to the process by undertaking this temporary move.
Having Phase 1 fully operational with helium and LNG is necessary, and the team is laser-focused on achieving this in the timelines stated.