TIDMSTGR
RNS Number : 1153O
Stratmin Global Resources PLC
26 May 2015
26 May 2015
StratMin Global Resources Plc
("StratMin" or the "Company")
Appointment of Chief Executive Officer
StratMin (AIM: STGR), London's only listed graphite mining and
production company is pleased to announce the appointment of Mr
Brett Boynton, CFA as Chief Executive Officer (CEO) and an
Executive Director of StratMin with immediate effect. Mr Manoli
Yannaghas, current Managing Director, is standing down from the
Board with immediate effect but will be working through a
transition period and handover with Mr Boynton. He remains a
shareholder and long term supporter of the Company.
Mr Yannaghas became Managing Director in July 2013 with a
mandate to stabilise the merger between Graph Mada and Stratmin and
to bring the Company's first operation, the Loharano project, into
production. Under Mr Yannaghas' guidance, the Company has
successfully transitioned from project developer to commercial
operator with the signing of an off-take agreement, commissioning
of the first plant and most recently delivering high grade 94%
carbon in graphite for sale to our offtake partner. The Company has
continued with successful exploration work to expand the asset base
and is well positioned as a leader in the rapidly growing graphite
market. Mr Yannaghas has built a strong in-country management team
and leaves the Company well placed for the next stage of
growth.
Mr Boynton is an experienced corporate financier with expertise
as an investment banker in capital markets, mergers, acquisitions
and private equity. More recently he has focused on project
development in the resources industry, having funded and founded a
number of Australian resource companies including DEI Ltd,
Signature Gold Ltd and Tellus Holdings Ltd. Mr Boynton currently
heads up the joint venture partner of Agripower Australia Limited,
a private equity backed industrial minerals company focused on
silicon products. Agripower is one of Australia's largest
industrial minerals companies and has a mining and processing
operation very similar in nature to Stratmin's graphite production.
AgriPower's extensive R&D program and global distribution
provide a strong network for Stratmin to benefit from.
Mr Boynton has an undergraduate degree in Economics and
Accounting from the University of Cape Town and an MBA from the
highly regarded Fuqua program at Duke University in the USA. He has
significant international finance experience as a senior banker
with UBS and Credit Suisse in London, New York and Sydney.
In 2010, Mr Boynton left investment banking to co-found Tellus
Holdings, a mining and hazardous waste management company with a
portfolio of Australian assets. Here he led corporate development
from seed funding of the company to asset acquisition, joint
venturing and development of key commercial relationships. Mr
Boynton managed the build out of the board of the company and
stepped down as an Executive Director at the end of 2014 to begin
working with Stratmin and its key shareholders.
During this period, he also founded Signature Gold, an
investment company with a portfolio of Intrusion Related Gold
Systems. Mr Boynton was the lead executive on the development of a
portfolio of gold exploration properties and, as at Tellus
Holdings, he led the development of financing from private and
institutional investors as well as sourcing and managing the
acquisition of a number of assets for the company. Mr Boynton's
Sydney based technical team has a wealth of experience in
exploration, development, mine management and process engineering
including operational expertise in graphite and in Africa. Mr
Boynton himself comes from a mining family with deep roots in
Southern Africa.
Mr Yannaghas' Settlement Agreement
In accordance with the terms of Mr Yannaghas' settlement
agreement, he has been issued 715,355 new ordinary shares of 4
pence each in the Company ("Ordinary Shares") in lieu of unpaid
salary (the "Salary Shares"). Mr Yannaghas is classified as a
Related Party under the AIM Rules and the issue of the Salary
Shares is therefore a related party transaction. In accordance with
the AIM Rules, the Directors of the Company, with the exception of
Mr Yannaghas, having consulted with the Company's Nominated
Adviser, Strand Hanson Limited, consider the terms of the Salary
Shares to be fair and reasonable insofar as the Company's
shareholders are concerned.
Application has been made to the London Stock Exchange for
admission of the new Ordinary Shares to trading on AIM and it is
expected that Admission will take place and that trading will
commence on AIM on or around 29 May 2015. Following admission of
the new Ordinary Shares, the Company will have a total of
133,242,004 Ordinary Shares in issue with each share carrying the
right to one vote.
Total Voting Rights
The Company has no Ordinary Shares held in treasury. The
aforementioned total number of voting rights in the Company
following the issue of the new Ordinary Shares will therefore be
133,242,004. This figure may be used by shareholders in the Company
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
Laurie Hunter, Chairman, commented:
"We thank Manoli for his commitment to the Company, bringing it
to its current stage of development as a stable graphite producer
with strong foundations for growth.
"I am delighted that Brett has accepted the invitation to become
CEO. He is highly experienced and has impressive contacts in the
Industrial Minerals space. I believe he has the drive and ability
to take StratMin into the next stage of development and I am
confident that he will make an excellent CEO."
Brett Boynton, incoming CEO, commented:
"I am very excited to be joining StatMin and working with the
team to build a leader in the global graphite space. The Company is
in an enviable position as one of very few graphite plays actually
in production. This is an excellent platform for growth. The
quality of the asset and now proven low operating cost environment
in Madagascar will give us a sustainable advantage over other
graphite developers. As an investor and investment advisor over the
last 20 years I have evaluated a large number of resource
opportunities and Stratmin is a standout with a strong foundation
asset, producing cash flow and exceptional expansion potential
"I am looking forward to meeting our UK based investors and
sharing some of our strategic plans for the Company.
"Our initial focus will be on further optimisation of the
current operation but we are already working on expansion
opportunities. The Australian market is really focused on graphite
at the moment with successful companies achieving excellent
valuations. I will be taking the Stratmin story to this audience to
diversify the London shareholder base."
Additional Information on Mr Brett Boynton
The following additional information is provided in accordance
with paragraph (g) of Schedule Two to the AIM Rules for
Companies:
Robert Brett Boynton (aged 42)
Current Directorships / Partnerships Past Directorships / Partnerships
33(rd) Degree Pty Ltd Oztinco Limited
Brookton Super Fund Pty Ltd Tellus Holdings Limited
Dagwood Ltd Tellus Mining Limited
Diatomaceous Earth Investments
Pty Ltd
Signature Gold Ltd
Tickhill Holdings Pty Ltd
There is no other information that is required to be disclosed
pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies.
Enquiries
For further information please visit www.stratminglobal.comor
contact:
+44 (0) 20
StratMin Global Resources Plc 3691 6160
Laurie Hunter (Chairman)
Strand Hanson (Nominated & Financial
Adviser) +44 (0) 20
James Spinney / Ritchie Balmer 7409 3494
+44 (0) 20
Beaufort Securities (Sole Broker) 7382 8311
Elliot Hance
Blytheweigh (Financial PR) +44 (0) 20
Halimah Hussain / Megan Ray 7138 3204
This information is provided by RNS
The company news service from the London Stock Exchange
END
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