Regulatory Story
Go to market news section View chart   Print
RNS

Board changes

Released 07:00 25-Feb-2013

RNS Number : 5398Y
Strategic Natural Resources PLC
25 February 2013
 

Strategic Natural Resources Plc

("SNR" or the "Company")

 

Board changes

 

SNR, the AIM listed natural resources developer operating in South Africa, today announces a number of changes to its board. These board changes have been made now that Elitheni Coal (Pty) Limited ("Elitheni"), SNR's 74 per cent owned subsidiary, has recently commenced both mining and processing at its coal mine in the Eastern Cape of South Africa. 

 

Change of CEO

 

In order to focus exclusively on managing the operations at Elitheni and to ensure that the Company's delivery obligations under its off-take agreements are fulfilled, David Nel will be stepping down as CEO of SNR and from the board. David will remain as CEO of Elitheni.

 

Gabriel Ruhan (currently a Non-Executive Director) has assumed the role of CEO of SNR until such time as a permanent CEO can be appointed.

 

Gabriel Ruhan is an experienced executive and entrepreneur who has previously served as COO of Navisite Inc, a Nasdaq listed company, where he led the integration of 8 separate company acquisitions and was also CEO of Global Marine Systems Ltd. Gabriel is now Chairman of the latter and is a Director at Bridgehouse Capital, a private offshore fund, where he occupies positions on the boards of various companies in which Bridgehouse Capital has investments.

 

In fulfilling the role of acting CEO Gabriel will be supported by Don Nicolson (the Company's Deputy Chairman) who is becoming the Company's Executive Vice Chairman and will be committing more time to the Company's affairs. Don has over 30 years experience in the energy sector including 26 years with BP and also as CEO of Scottish Resources Group who own and operate Scottish Coal, the UK's largest open cast coal mining company.

 

Appointment of new Chairman

 

Richard Latham has stepped down as the Company's Chairman but remains as a Non-Executive Director. Andy Brennan (a Non-Executive Director) has been appointed as the Company's Chairman.

 

Other board changes

 

Barry Nel had informed the board in late December 2012 of his intention to retire and has consequently stepped down from the board as Commercial Director and also as the Chairman of Elitheni.  The Board would like to pay tribute to Barry's vision and hard work which played a significant role in enabling SNR to get to where it is today.

 

In order to focus on his role as the mining contractor to Elitheni, Bertus Steenkamp has stepped down from the board as a Non-Executive Director and has also resigned from the Elitheni board.

 

Following these changes, the board of SNR consists of:

 

Andy Brennan

Chairman

Don Nicolson

Executive Vice Chairman

Gabriel Ruhan

Acting CEO

Mark Rosslee

Finance Director

Richard Latham

Non-Executive Director

Randal MacDonnell

Independent Non-Executive Director

 

Richard Latham, SNR's outgoing Chairman, said: "It has been a huge privilege to serve as SNR's chairman since its inception. With the Company transitioning from pure exploration to a production and revenue generating business, these board changes will utilise the strengths of the directors to the best effect.  The increased involvement of Gabriel and Don in the Company's executive functions will strengthen the Company's management team and I look forward to seeing the benefits of their working with David and taking the Company to the next stage of its development."

 

Andy Brennan, SNR's new Chairman, commented: "Now that Elitheni has recently moved into production the focus of the Company is now on generating revenue.  David has led the Company in an exemplary way over the last three years and he will now, as the CEO of Elitheni, be dedicated to managing Elitheni and its production.  

 

I would like to express my thanks to both Barry Nel and Bertus Steenkamp for their service to SNR and, in the case of Barry, for the many years of dedication and like to wish him many happy years of retirement.  We look forward to working closely with Bertus as the mining contractor at the Elitheni mine.  Additionally I would like to acknowledge Richard Latham's significant contribution as the Company's Chairman for the last eight years and I look forward to his continuing advice and counsel as a Non-Executive Director.

 

The Company has great potential and we have an excellent team to deliver value for shareholders."

 

For further information, please contact:

 



Strategic Natural Resources plc


Andy Brennan, Chairman or Gabriel Ruhan, Acting CEO

 

+44 (0)20 3328 5656



Allenby Capital Limited - Nominated Adviser and Joint Broker


Nick Naylor/Alex Price

 

+44 (0) 20 3328 5656



SP Angel Corporate Finance Limited - Joint Broker


Tercel Moore

 

+44 (0) 20 3463 2260



FTI Consulting

+44 (0) 20 7831 3113

Ben Brewerton/Georgia Mann  


 

For further information about Strategic Natural Resources plc please visit www.snrplc.co.uk

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
BOATIMLTMBITBJJ
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Board changes - RNS