Papua Mining Plc Board Changes (2898O)
November 03 2016 - 10:18AM
UK Regulatory
TIDMPML
RNS Number : 2898O
Papua Mining Plc
03 November 2016
3 November 2016
This announcement contains inside information
Papua Mining plc
("Papua" or "the Company")
Board Changes
Papua Mining plc, a UK company focused on the exploration and
development of gold and copper deposits in Papua New Guinea
("PNG"), is pleased to confirm the appointments of John Hutchinson
and Michael Somerset-Leeke as Non-executive Directors of the
Company, both with immediate effect.
John Hutchinson has been managing partner at Epi-V LLP, a
private equity fund specialising in oil and gas technology
investments, since 2012 having joined at its inception in 2006.
During his time at Epi-V his responsibilities have included
transaction management, business development and fundraising and he
currently has overall responsibility for Epi-V's own business.
Prior to this John was head of the corporate team at law firm
Pitmans LLP for 7 years and in 2015 he was appointed as its
Managing Partner.
Mr Hutchinson's appointment to the Board was proposed by
Thalassa Holdings Ltd ("Thalassa") in accordance with the terms of
the Subscription Agreement under which Thalassa subscribed for
GBP400,000 of new shares in the Company and which was approved by
shareholders on 7 October 2016.
Michael Somerset-Leeke was formerly Chairman of Winchmore PLC, a
quoted investment trust which developed a significant presence in
the leisure sector. Prior to this Mr Somerset-Leeke was Senior
Partner at Coni & Covington Stockbrokers.
Mr Somerset-Leeke has been a substantial shareholder in Papua
since before the Company's admission to AIM in March 2012 and
currently is interested in 37,991,102 ordinary shares, representing
25.37 per cent of the Company's issued share capital.
The Company also announces that Keith Lough has elected to
resign from his position as a Non-executive Director of the Company
with immediate effect.
Hugh McCullough, CEO of Papua, commented:
"We are delighted to welcome two new non-executive directors to
the Board at what is an important time for Papua. We will have some
key decisions to take in the next 12 months regarding the future
activities of the Company and we look forward to input from John
and Michael in this regard.
On behalf of the Board I would like to thank Keith Lough for his
guidance and valuable contribution to the Company's progress. He
has been an important member of the Board since we joined AIM in
2012 and we wish him well in the future."
Save for the information disclosed below, there are no further
disclosures to be made in accordance with Schedule Two paragraph
(g) of the AIM Rules for Companies in respect of the
appointments.
Full name: John Christopher Michael Fitzroy
Hutchinson Somerset-Leeke
----------------------- ------------------------ ----------------------
Age: 54 73
----------------------- ------------------------ ----------------------
Current Directorships o Epi-V LLP None
& Partnerships o Pitmans LLP
(in the last o Epi-V GP LLP
5 years) o Epi-V GP Investments
LLP
o Moorland Energy
Limited
o Moorland Exploration
Limited
o Moorland Power
Limited
o Epi-V Corporate
Services Limited
o iPhase Limited
o Guardian Holdings
Limited
o Tracesa Technology
Limited
o Evendons Close
Limited
o Sentio Costs
Limited
----------------------- ------------------------ ----------------------
Former Directorships o Semax Materials None
& Partnerships Limited
(in the last o Mandmas Limited
5 years) o Tersto Limited
----------------------- ------------------------ ----------------------
Shareholding Nil * 37,991,102 ordinary
in the Company shares, representing
* Mr Hutchinson 25.37 per cent
was nominated as of the Company's
a director by Thalassa issued share capital
Holdings Ltd, an
entity which is
currently interested
in 40,000,000 ordinary
shares in the Company,
representing 26.71
per cent. of the
issued share capital
----------------------- ------------------------ ----------------------
Michael Somerset-Leeke was formerly a senior partner at Coni
Gilbert and Sankey, a now-defunct UK-based stockbroker. In 1985 a
number of partners in the firm, including Mr Somerset-Leeke, were
censured by the Stock Exchange Council for activities relating to
the use of suspense accounts. Mr Somerset-Leeke was suspended from
trading activities for a period of three months.
In 1988, Michael Somerset-Leeke was a witness in a UK Department
of Trade and Industry investigation relating to equity trading
activities at Suter Plc, a UK-based engineering company. He was
subsequently criticised for running a concert party and the DTI
recommended that the concert party rules were reviewed. No further
action was taken against Mr Somerset-Leeke.
For further information on the Company please visit
www.papuamining.com or contact the following:
Papua Mining plc,
Hugh McCullough, Director +353 1 532 9535
Cenkos Securities plc - Nominated
Adviser & Broker,
Derrick Lee / Beth McKiernan +44 131 220 6939
This information is provided by RNS
The company news service from the London Stock Exchange
END
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