Last checked at 12 Mar 2018 07:00
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
12 March 2018
Keras Resources plc ('Keras')
Appointment of Russell Lamming as Chief Executive Officer
Keras Resources plc, the AIM listed mineral resource company, is pleased to announce that Russell Lamming, who is currently a non-executive director, has been appointed as its new CEO with immediate effect. Previous Executive Director, Dave Reeves, has become a non-executive Director to allow him to focus on his role as Managing Director of Calidus Resources Limited ('Calidus'), in which Keras has a substantial shareholding.
In addition to its stake in Calidus, the Company has significant manganese, cobalt and nickel exploration licences in Togo, West Africa. The Board believes that a dedicated CEO is now required to focus initially on the conversion of the exploration licence to a mining licence at its Nayega manganese project, which provides near-term production potential of 250,000 tonnes per annum of manganese concentrates. Russell will also seek to build a portfolio of resource assets that are value accretive for shareholders. Furthermore, the Board believes that the value of its assets is not being truly reflected in the Company's market price and that his appointment will be a step forward in addressing the discount to asset value, through more active engagement.
Russell is a qualified geologist with an honours degree in geology from the University of the Witwatersrand and a Bachelor of Commerce in Economics from the University of Natal in South Africa. He has a wealth of experience in the resource arena, particularly in Africa. During his career he has worked with several AIM-listed resource companies including African Platinum Plc, Chromex Mining Plc and Goldplat Plc. He was intimately involved in the sale of African Platinum to Impala Platinum and, as CEO of Chromex, was instrumental in bringing the Stellite Chrome Mine into production in South Africa and selling the company to Synergy Africa Ltd. Russell is a founder of Keras and has been a director since flotation.
In terms of the Company's Share Appreciation Right Scheme to incentivise Directors and senior executives Mr Lamming has been awarded the following Share Appreciation Rights" ('SARs').
Aggregate SARs awarded | Grant Price (p) | Vesting Dates | Vesting Quantities |
90,000,000 | 0.36 | 12/03/2018 | 30,000,000 |
12/03/2019 | 30,000,000 | ||
12/03/2020 | 30,000,000 |
Keras's Chairman, Brian Moritz, said, "Russell, with his experience with AIM quoted companies and successful track record of developing resource companies, is ideally suited to driving Keras forward, unlocking its potential and realising its intrinsic value. The Board would like to thank Dave for his stewardship of the Company since listing in 2011; he guided it through some difficult periods and now with the successful listing of Calidus on the ASX, he can focus on developing the Warrawoona gold project."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
Russell Lamming | Keras Resources plc | russell@kerasplc.com
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Nominated Adviser | ||
Gerry Beaney/David Hignell/Jamie Spotswood | Northland Capital Partners Limited | +44 (0) 20 3861 6625
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Broker | ||
Damon Heath/Erik Woolgar | Shard Capital Partners LLP | +44 (0) 20 7186 9952 |
Tom Curran/Ben Tadd | SVS Securities Plc | +44 (0) 203 700 0093 |