Vast Resources plc Appointment Of Directors
02 March 2018 - 4:10AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
1 March 2018
Vast Resources plc
("Vast" or the "Company")
Appointment of Directors
The Directors of Vast, the AIM-listed mining company with operating
mines in Romania and Zimbabwe, are pleased to announce the appointment
to the Board of Mr Andrew Prelea, who will continue in his existing role
as Chief Executive Officer of the Company, and of Mr Craig Harvey, who
will continue in his existing role as Chief Operating Officer of the
Company, with immediate effect.
Andrew Prelea has managed the Group's Romanian operations since they
were acquired, and was appointed as Chief Executive Officer following
the resignation of Roy Pitchford on 31 December 2017. He has been
involved with Vast since 2013 and has spearheaded the development of the
Company's Romanian portfolio. Beginning his career in the early 1990s as
a bulk iron ore and steel trader in Romania, he then went on to develop
his career in the property and earthmoving sector in Australia before
returning to Romania in 2003, initially to focus on the development of
properties for the Romanian Ministry of Defence and latterly, private
sector developments. Throughout his 26 year career, Andrew has developed
extensive investor and public relations experience and has advised the
Romanian government on wide ranging high-level topics including social
housing and economic policy. He has built a strong network of contacts
across the mining and metals industries and Europe and southern Africa,
in addition to policy makers and governmental authorities.
Craig Harvey began his career with Gold Fields of SA in 1989 as a
bursary student in Economic Geology where he worked on various gold,
platinum, coal and exploration projects. At Harmony Gold he managed the
mineral resource function on various operations and was involved in due
diligence on acquisitions. He joined Simmer and Jack in 2004 with a
focus on shallow, hydro-thermal gold deposits in the Eastern Transvaal
and later moved into a corporate role managing and auditing the mineral
resource process across all gold and uranium operations. Craig spent 3
years in a Principal Consultant role for Ravensgate based in Perth,
Australia, where he conducted numerous resource estimations, valuations
and technical reports mainly in gold, uranium, copper and iron ore.
Craig joined Vast Resources as a consultant in 2013 and became Chief
Operating Officer in March 2017. During his tenure with Vast Resources,
he has been heavily involved in both Zimbabwe and Romania.
Commenting on the appointments, Brian Moritz, Chairman of the Company
said "I have great pleasure in welcoming Andrew and Craig to the Board.
Both have demonstrated their expertise and commitment to Vast over
several years as part of our senior management team, and have
contributed substantially to the improving performance of the Manaila
mine. I believe that their appointment to the Board will enable them to
further shape and advance the Company's strategy moving forward."
The information required by Schedule 2 Paragraph (g) of the AIM Rules
for Companies in relation to the appointments of Mr Prelea and Mr Harvey
is contained below.
For further information, visit www.vastresourcesplc.com or please
contact:
Vast Resources plc www.vastresourcesplc.com
Andrew Prelea (Chief Executive Officer) +44 (0) 20 7236 1177
Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com
Roland Cornish +44 (0) 020 7628 3396
James Biddle
Brandon Hill Capital Ltd - Joint Broker www.brandonhillcapital.com
Jonathan Evans +44 (0) 20 3463 5016
SVS Securities Plc - Joint Broker www.svssecurities.com
Tom Curran +44 (0) 20 3700 0100
Ben Tadd
St Brides Partners Ltd www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
Charlotte Page
The information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 ("MAR").
Appendix
The information required by Schedule 2 Paragraph (g) of the AIM Rules
for Companies in relation to the appointment of Richard Andrew Prelea
(aged 49) as Chief Executive Officer is as follows:
Current Past within 5 years
African Consolidated Resources SRL International Paediatric and Family
Medical Clinic
Vast Resources Romania Ltd Blackhawk Security SRL
AP Mining Group Ltd Brooklands SRL
South Pacific Investment BV
Millwall International Investments Ltd
Moorestown Ltd
African Consolidated Resources (PTC)
Ltd
Quest Minerals SRL
Romanian British Investment
Corporation Ltd
Ozone Panels SRL
Ozone Homes SRL
Ozone Homes Limited
Land Baron SRL
Dascalu Development SRL
Sinarom Mining Group SRL
Oceanic Real Estate Investments SARL
South Pacific Group Limited
Andrew Prelea holds 18,438,736 shares in the Company representing 0.36%
of the Company's issued ordinary share capital ("ISC") together with
Share Appreciation Rights ("SARs") under the Company's Share
Appreciation Rights Scheme over 18,000,000 shares in the Company with a
base price of 0.7p per share, representing 0.35% of the ISC and of which
9,000,000 SARs expire 31 March 2019 and 9,000,000 expire on 31 March
2020.
Andrew Prelea has a 10% interest in the Piciorul Zimbrului and Magura
Neagra prospecting licences and a prospective 10% interest in rights the
Company may obtain in assets held or formerly held by the Romanian state
mining company, Remin SA and in certain other Romanian licences (the
"Joint Assets"). The 10% share is, or would be, subject to appropriate
abatement in the event of capital contributions above agreed levels of
seed finance by the Company where these were not proportionally matched.
When Andrew Prelea joined the Company in April 2013 he had been working
for some time on developing a relationship with Remin SA, and his
appointment with the Company was on the basis that he would be entitled
to a share in any rights obtained by the Company from Remin SA. In
order to eliminate possible future conflicts of interest, it is the
intention of both the Company and Andrew Prelea to negotiate terms under
which Andrew Prelea's interest in the Joint Assets is exchanged for
special option rights to acquire shares in the Company. The grant of
such special option rights would be subject to approval by shareholders
of the Company at a General Meeting.
Andrew Prelea has an 8% equity interest in the Group's subsidiary,
African Consolidated Resources SRL.
Between 2005-2007 Andrew Prelea was appointed to the board of several
companies, certain of which are listed below, which were all part of the
South Pacific Group (the "Group"), a residential property development
company in Romania with various projects (the "Projects").
As a result of the failure by a private equity fund to complete the
acquisition of a 50% interest in the South Pacific Group in 2008,
funding by the respective banks financing the Projects was removed which
eventuated the Projects being placed in to administration. Andrew Prelea
was a director, or equivalent, of the below listed companies within the
South Pacific Group on or within 12 months of their going into
administration.
date of Bankruptcy date of date of Andrew
administration Prelea
(under Romanian resignation
Law)
Brooklands SRL 26-Jan-16 19-Dec-11 23-Nov-11
South Pacific 18-Jun-12 20-Feb-09 18-Jun-12
Design and Build
SRL
Antrepriz 24-Mar-16 02-Jul-13 26-Mar-12
Rezidentiale srl
(formerly South
Pacific
Constructii srl)
Darwin Residence 24-Sep-13 21-Mar-12 27-Feb-12
II srl
Adelaide Residence 07-May-12 13-Apr-11 20-Oct-10
srl
South Pacific 14-Feb-12 14 -09-10 30-Mar-12
Group Melbourne
Residence srl
GBP million
Total creditors for the Group at time of administration 40.74
Estimated value of assets in the Group at the time
of administration (if sold at that time) 13.15
Andrew Prelea and family proportion of total creditors
(35%) 14.23
Note: As detailed above, the creditors on Administration were
approximately GBP40.74 million against realisable assets at the time of
GBP13.15 million. A process of asset realisations is ongoing to reduce
the creditor shortfall resulting from the Group's administration.
Save as disclosed above, there are no further disclosures required to be
made in respect of the appointment of Andrew Prelea under Schedule 2(g)
or Rule 17 of the AIM Rules for Companies.
The information required by Schedule 2 Paragraph (g) of the AIM Rules
for Companies in relation to the appointment of Craig James Harvey (aged
47) as Chief Operating Officer is as follows:
Craig Harvey does not currently nor has not held any directorships or
partnerships in the last five years.
Craig Harvey holds 5,650,000 shares in the Company representing 0.11% of
the ISC together with SARs over 3.000,000 shares in the Company with a
base price of 0.7p per share, representing 0.06% of the ISC and of which
1,500,000 SARs expire on 31 March 2019 and 1,500,000 expire on 31 March
2020.
Save as disclosed above, there are no further disclosures required to be
made in respect of the appointment of Craig Harvey under Schedule 2(g)
or Rule 17 of the AIM Rules for Companies.
**ENDS**
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Vast Resources plc via Globenewswire
http://www.acrplc.com/
(END) Dow Jones Newswires
March 01, 2018 12:10 ET (17:10 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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