Board Changes

RNS Number : 1819F

Anglo Pacific Group PLC

16 February 2018

 

News Release

February 16, 2018

Anglo Pacific Group PLC

Board changes

Rachel Rhodes, non-executive director, has informed the Board that she intends to step down from the Board of Anglo Pacific Group PLC ("Anglo Pacific", "the Company") with effect from the conclusion of the 2018 Annual General Meeting to be held on May 15, 2018, in order to devote more time to her other professional commitments.

Mike Blyth will assume the role of Chair of the Audit Committee with immediate effect, in addition to his role as Chair of the Remuneration Committee. The Board will now commence the process of seeking a replacement non-executive director and an announcement in respect of any future appointment will be made in due course.

Patrick Meier, Chairman, commented:

"We are very sorry that Rachel will be leaving us and to lose the valuable contribution she has made to our Board over the last four years. Rachel has been a strong and constructive voice on the Board, as well as being an effective Chair of the Audit Committee. We wish her well in her future endeavours and will miss her wise counsel."

Rachel Rhodes commented:

"It has been a pleasure to be part of Anglo Pacific's growth and development over the past few years and a privilege to work alongside such a fantastic team. I wish them all the best for the future and look forward to watching the ongoing success of the business."

End

Section 430(2B) Companies Act 2006 statement

In accordance with section 430(2B) of the Companies Act 2006, the Company confirms that Rachel Rhodes will receive her annual base fee as a non-executive director of the Company of £40,000 per annum, and additional fees in respect of being a committee member and chair of the Audit Committee of £11,000 per annum respectively, on a pro-rata basis up to and including her date of resignation. No other remuneration payment or payment for loss of office will be made.

For further information:

Anglo Pacific Group PLC	[phone]
Patrick Meier - Chairman Julian Treger - Chief Executive Officer Kevin Flynn - Chief Financial Officer and Company Secretary
Website:	www.anglopacificgroup.com
BMO Capital Markets Limited	[phone]
Jeffrey Couch / Neil Haycock / Tom Rider
Canaccord Genuity Limited	[phone]
Martin Davison / James Asensio
Peel Hunt LLP	[phone]
Ross Allister / Chris Burrows
Redleaf Communications	[phone]
Charlie Geller / Fiona Norman / Ian Silvera

Notes to Editors

About Anglo Pacific

Anglo Pacific Group PLC is a global natural resources royalty company. The Company's strategy is to develop a leading international diversified royalty company with a portfolio centred on base metals and bulk materials, focusing on accelerating income growth mainly through acquiring royalties on projects that are currently cash flow generating or are expected to be within the next 24 months, as well as investment in earlier stage royalties. It is a continuing policy of the Company to pay a substantial portion of these royalties to shareholders as dividends.

Cautionary statement on forward-looking statements and related information

Certain information contained in this announcement, including any information as to future financial or operating performance and other statements that express management's expectation or estimates of future performance, constitute "forward looking statements".  The words "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts", or negative versions thereof and other similar expressions identify forward-looking statements.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies.  Further, forward-looking statements are not guarantees of future performance and involve risks and uncertainties which could cause actual results to differ materially from those anticipated, estimated or intended in the forward-looking statements.  Furthermore, this announcement contains information and statements that are based on certain estimates and forecasts that have been provided to the Group by Kestrel Coal Pty Ltd ("KCPL"), the accuracy of which KCPL does not warrant and on which readers may not rely.  The material assumptions and risks relevant to the forward-looking statements in this announcement include, but are not limited to: stability of the global economy; stability of local government and legislative background; continuing of ongoing operations at the properties underlying the Group's portfolio of royalties in a manner consistent with past practice; accuracy of public statements and disclosures (including feasibility studies and estimates of reserve, resource, production, grades, mine life, and cash cost) made by the owners and operators of such underlying properties; accuracy of the information provided to the Group by the owners and operators of such underlying properties; no material adverse change in the price of the commodities produced from the properties underlying the Group's portfolio of royalties and investments; no material adverse change in foreign exchange exposure; no adverse development in respect of any property in which the Group holds a royalty or other interest, including but not limited to unusual or unexpected geological formations and natural disasters; successful completion of new development projects; planned expansions or additional projects being within the timelines anticipated and at anticipated production levels; and maintenance of mining title.  If any such risks actually occur, they could materially adversely affect the Group's business, financial condition or results of operations.  For additional information with respect to such risks and uncertainties, please refer to the "Principal Risks and Uncertainties" section of our most recent Annual Report on the Group's website www.anglopacificgroup.com.  Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.  The forward-looking statements contained in this announcement are made as of the date of this announcement only and the Group undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Third party information

As a royalty holder, the Group often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of royalties, or such information is subject to confidentiality provisions.  As such, in preparing this announcement, the Group has largely relied upon the public disclosures of the owners and operators of the properties underlying its portfolio of royalties, as available at the date of this announcement.

 

END

 

 

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