Senior Management Appointment at Wigton Windfarm

• Wigton Windfarm Limited trading as Wigton Energy (WIG) has advised that it has appointed Mr. Norman Naar as WIG’s Chief Commercial Officer effective September 16, 2024. This new appointment follows the changes that were made to the leadership and organizational chart in August 2023, which included renaming the Business Development and Innovation Manager position to Chief Commercial Officer.
• Naar, as Chief Commercial Officer, will be responsible for implementing the commercial strategy of WIG; driving the company’s business development efforts by identifying new opportunities and cultivating relationships; and achieving growth targets.
• As a global business development leader, Mr. Naar brings extensive expertise in strategic planning and development, business development, sales, marketing, operations, information technology, and project management.
• Naar's appointment is timely as the company embarks on a new strategic direction, diversifying into other renewable energy solutions. This shift is crucial for sustaining shareholder value and ensuring long-term growth. While Wigton’s core business remains wind energy production, expanding into new areas is essential for maintaining business continuity.
• Wigton’s stock price has appreciated by 24.1% since the start of the calendar year to $0.98 at the close of Thursday’s trading session. At this price, Wigton trades at a P/E of 11.0x, which is above the Main Market Energy, Industrials and Materials Sector Average of 8.7x. This increase in stock price was largely driven by positive investor reaction following the announcement of the extension of its Power Purchase Agreement with JPS along with investor optimism about Wigton’s recent renewable energy initiatives and growth prospects.

(Sources: JSE & NCBCM Research)