Camco Appoints Marren as CFO After Shares Drop 76%
Camco International Ltd. (CAO), a London- based developer of clean-energy and carbon-offset projects, appointed Jonathan Marren as chief financial officer and board member starting today, after the company’s shares dropped 76 percent in the past year.
Marren, 37, was deputy head of corporate finance at Singer Capital Markets and before that a director in the corporate department of Peel Hunt LLP, and he had been advising Camco in those roles since 2006, he said today.
“Carbon is a difficult asset class,” Marren said in a phone interview. “Investors need to spend a lot of time to understand it.”
Camco has diversified away from United-Nations-overseen carbon credits by investing in energy-efficiency and renewable- power projects. The company lost 29.2 million euros ($36 million) in 2011 after writing down the value of its credits by 21.7 million euros.
Credits plunged 63 percent in the past year, as Camco received a record delivery of offsets of about 12.8 million metric tons, up 58 percent, according to the annual report published last month. The resulting loss prompted Scott McGregor, chief executive officer, to waive his bonus and long- term incentive entitlement for 2011.
The shares closed unchanged today at 5.13 pence in London, valuing the company at 9.7 million pounds ($15 million). “I see the value of the business being substantially above where it currently is” in the equity market, Marren said.
The start next year of California’s carbon market may help boost investor sentiment, McGregor said in the same interview.
A three-judge panel of the state’s appeals court ruled June 19 that a study performed before choosing cap and trade as a way to curb emissions complied with California’s global-warming act. The ruling upheld a lower court’s dismissal of a lawsuit filed by the Association of Irritated Residents and other groups.
“The last court case being thrown out was a big step” because it indicates there are fewer potential roadblocks left to prevent the market’s beginning on Jan. 1, McGregor said.
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