Base Resources Limited Base Resources Chair and Board succession
October 22 2021 - 01:00AM
UK Regulatory
TIDMBSE
AIM and Media Release
22 October 2021
BASE RESOURCES LIMITED
Base Resources Chair and Board succession
African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base
Resources or the Company) advises of the following planned changes to the Board
of Directors of the Company.
Chair succession
Keith Spence has informed the Board that he intends to retire as Chair and
Non-Executive Director of the Company at the conclusion of the Company's Annual
General Meeting to be held on Friday, 26 November 2021 (2021 AGM). Mr Spence
joined the Board in February 2015, becoming Chair in May 2015.
Mr Spence said: "It has been a pleasure to have worked with the Base Resources
Board and management team since 2015, during which time we achieved many
significant milestones including the continued evolution of safe and efficient
Kwale Operations in Kenya, the acquisition and progression of the Toliara
Project in Madagascar and the Company's transition to being a dividend payer.
Base Resources is an exceptional organisation and I am proud to have been part
of its development. Base Resources has a well-earned reputation for excellence
- particularly in the area of sustainable mining in Africa. Base Resources
makes a genuine difference to the lives of those involved in its projects and
in surrounding communities. Having served as a Director and Chair for more
than six years, the timing is right for me to step down to provide an
opportunity for renewal as the company enters the next phase of its
development."
Managing Director, Tim Carstens said: "As Chair, Keith has left an indelible
mark on Base Resources. His wise counsel and deep experience willingly shared
has served to elevate our capability and performance and ensure a business well
prepared to successfully meet its future challenges."
Non-Executive Director, Michael Stirzaker, will be appointed as Non-Executive
Chair immediately following the 2021 AGM. Mr Stirzaker has over 30 years'
commercial experience, mainly in mining finance and mining investment.
Mr Stirzaker has been a Non-Executive Director of Base Resources since 2014,
having acted as an alternate since November 2011. Mr Stirzaker is a member of
the Company's Remuneration & Nomination Committee and the Environment, Social
and Ethics Committee. Mr Stirzaker is also chair of Akora Resources Limited
and a non-executive director of Prodigy Gold NL.
In accordance with the definition of independence specified in the Company's
Board Charter, the Board has determined that Chair-elect, Mr Stirzaker, will be
considered independent upon commencing as Chair. Having retired from his prior
role with major shareholder, Pacific Road1, in August 2019, and with him
ceasing to be Pacific Road's nominee on the Board, as supported by his
consistent and demonstrated prior behaviour, the Board is entirely satisfied
with Mr Stirzaker's capacity to bring an independent judgement to bear on
issues before the Board and to act in the best interests of the Company as a
whole.
[Note (1): As at the date of this announcement, Pacific Road Capital II Pty
Ltd and Pacific Road Capital Management GP II Limited hold a combined 26.5% of
the Company's issued share capital.]
Board succession
Scot Sobey has been nominated by Pacific Road for election as a Director of the
Company at the 2021 AGM. Mr Sobey is an Investment Director at Pacific Road
where he is responsible for the screening of, evaluation of and subsequent
investment in, resource related investment opportunities. He is a mechanical
engineer, with greater than 15 years' experience in the resources industry and
significant development and operating expertise across multiple commodities.
Mr Sobey's proposed election as a Director is subject to shareholder approval
at the 2021 AGM, further details of which will be provided in the Notice of
2021 AGM to be released to ASX by 27 October 2021.
Chair-elect, Mr Stirzaker said: "Keith has contributed significantly to the
Company and its successes over many years, and we are fortunate to have had a
person of his calibre chairing the Company over this time. I would again like
to thank Keith on behalf of my fellow directors for his service to the Company
and wish him well in pursuing his future endeavours. Subject to shareholder
consideration at the 2021 AGM, I also welcome Scot to the Board. I look
forward to the exciting opportunity of being Chair of this great company as we
pursue all opportunities to create value for our stakeholders".
Subject to the outcomes of the meeting, following conclusion of the 2021 AGM
the Board of the Company is expected to comprise:
Mr Michael Stirzaker Independent Non-Executive Chair
Mr Tim Carstens Managing Director
Mr Colin Bwye Executive Director - Operations and
Development
Mr Malcolm Macpherson Independent Non-Executive Director
Ms Diane Radley Independent Non-Executive Director *
Ms Janine Herzig Independent Non-Executive Director
Mr Scot Sobey Non-Executive Director #
* Ms Radley will retire by rotation at the 2021 AGM and, being eligible, is to
be considered for re-election at that meeting.
# Mr Sobey's election as a Director is subject to shareholder approval at the
2021 AGM.
ENDS.
For further information contact:
James Fuller, Manager Communications and Investor UK Media Relations
Relations
Base Resources Tavistock Communications
Tel: +61 (8) 9413 7426 Jos Simson and Gareth Tredway
Mobile: +61 (0) 488 093 763 Tel: +44 (0) 207 920 3150
Email: jfuller@baseresources.com.au
This release has been authorised by the Board of Base Resources.
About Base Resources
Base Resources is an Australian based, African focused, mineral sands producer
and developer with a track record of project delivery and operational
performance. The company operates the established Kwale Operations in Kenya
and is developing the Toliara Project in Madagascar. Base Resources is an ASX
and AIM listed company. Further details about Base Resources are available at
www.baseresources.com.au
PRINCIPAL & REGISTERED OFFICE
Level 3, 46 Colin Street
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912
NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 (0)8 9480 2500
JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800
JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio / Patrick Dolaghan
Phone: +44 20 7523 8000
END
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