Worthington Group makes two major appointments in advance of £12.5 million investment

Wilmslow-based Worthington Group has announced two major appointments in line with its forthcoming £12.5 million investment in CPS Energy Resources plc, the oil and gas exploration company working in partnership with Oando plc.

The Cheshire investment group has appointed David Winduss BSc ACA as head of acquisitions. David, who qualified at Ernst & Young, previously worked as group financial controller at Bidcorp plc.

Worthington has also appointed Oleg-Serguei Schkoda, as head of the Worthington oil and gas team. Olei-Serguei served as vice president of exploration & project management at Simba Energy Inc.

Last week, Worthington announced that it is expected to make a £12.5 million investment in CPS Energy Resources plc.

The group will subscribe for £12.5 million of new CPS ordinary shares that equates to 27.5% of CPS’ stock market value.

The final decision to invest, in the light of the comparable valuations, will be taken by Worthington in association with the German and Swiss institutional investors who are funding the purchase.

Doug Ware, CEO of Worthington Group said: “In addition to adding considerable worldwide acquisition experience to the Company, these appointments will assist

“Worthington to not only complete the pipeline of existing acquisition opportunities, but also to increase the Company’s future deal-flow as David and Oleg both have considerable contacts world-wide in our areas of investment focus.”