Keras Resources PLC Directorate Change (2895H)
12 March 2018 - 6:00PM
UK Regulatory
TIDMKRS
RNS Number : 2895H
Keras Resources PLC
12 March 2018
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 Grant Price Vesting Vesting Quantities
awarded (p) Dates
-------------- ----------- ---------- ------------------
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
Nominated Adviser
Gerry Beaney/David Hignell/Jamie Spotswood Northland Capital Partners Limited +44 (0) 20 3861 6625
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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