DAVY VIEW

Liam Daniel has been appointed Chairman of Malin with immediate effect. He replaces Ian Curley, whose departure was flagged by Malin at its AGM in May. We view the appointment of Daniel, who is an existing Malin non-executive director, as positive. He brings considerable industry and management experience to the role. We also believe the appointment signals continuity in Malin’s business plan and strategy, outlined at its Capital Markets Day in November 2018. Furthermore, Malin has stated that it intends to recruit a new independent non-executive director to augment its Board.