Appointment of Frank McAllister to Advisory Board
2 March 2017
China Africa Resources plc
("China Africa" or "the Company" or "CAF")
Appointment of Frank McAllister to Advisory Board
China Africa Resources plc (LON:CAF) the AIM listed natural resource exploration and development company, is pleased to announce that Mr Francis (Frank) McAlister has joined its advisory board with immediate effect.
Francis R. McAllister has over 50 years' industry experience having held various senior and Board positions in a number of metals and mining companies. He started his career at ASARCO Incorporated where he worked between 1966 and 1999; here he held various positions ultimately being named ASARCO's Chief Financial Officer in 1982 and then Executive Vice President of Copper Operations in 1993. Frank eventually became ASARCO's President and Chief Operating Officer before becoming Chairman and Chief Executive Officer in 1999.
In 1996 he became an Independent Director of Cliffs Natural Resources Inc and its Lead Director from 2004 to 2013. During the same period, he was also Chairman, CEO and a Director at Stillwater Mining Co, after which he became President of the National Mining Association.
Mr. McAllister holds an MBA from New York University, Bachelor of Science in Finance from the University of Utah and attended the Advanced Management Program at Harvard Business School.
David Linsley, Chief Executive Officer, commented:
'It gives me great pleasure to announce Frank's appointment. His experience in the development of mining assets is unparalleled. Frank's knowledge will undoubtedly help us not only source compelling opportunities, but will also allow us to leverage his skill sets to help reduce the risk in our investments in the mining space."
"Being able to secure Frank's participation is a significant coup for our company, and I look forward to working alongside him as we look to develop opportunities in this space."
Frank McAllister said:
"I am delighted to be joining the Advisory Board at this juncture. The Company's strategy of creating a diversified portfolio of investments, as well as the team that is being put together, immediately appealed to me. I believe that the timing is right to develop China Africa Resources, and look forward to working with David and the team to deliver this."
For further information on the Company, visit: http://www.chinaafricares.com/.
|
China Africa Resources PLC David Linsley, Chief Executive Officer
|
T: +44 (0)203 778 0655 |
|
SPARK Advisory Partners - Nominated Adviser Sean Wyndham-Quin Neil Baldwin
|
T: +44 (0) 2033 683 555
|
|
SI Capital Limited - Joint Broker Nick Emerson Andy Thacker
|
T: +44 (0) 1483 413 500 |
|
Beaufort Securities Limited - Joint Broker |
T: +44 (0) 207 382 8300 |
|
|
|
|
Blythe Weigh - Financial PR Tim Blythe, Camilla Horsfall, Nick Elwes
|
T: +44 (0) 207 138 3204
|
China Africa Resources Investing Policy:
Under the AIM Rules for Companies, CAF is required to complete an acquisition or acquisitions that constitutes a reverse takeover within six months of becoming an AIM Rule 15 Cash Shell or it will face suspension from trading on AIM. The Directors intend to apply the investing policy set out below in seeking an acquisition or acquisitions that will constitute a reverse takeover but there can be no certainty that they will be able to do this in the specified time frame.
The Board proposes to invest in and/or acquire companies and/or projects within the natural resource sector but with a particular interest in opportunities in the precious and base metals sectors.
The Board will not be limited to a specific geographic focus. In selecting investment opportunities, the Board will focus on businesses, assets and/or projects that are available at attractive valuations and hold opportunities to unlock embedded value or where, through efficient and focused work, there is the prospect of adding considerable value to each project, for the benefit of shareholders.
Where appropriate, the Board may seek to invest in businesses where it may influence the business at a board level, add their expertise to the management of the business, and utilise their industry relationships and access to finance.
The Company's interests in a proposed investment and/or acquisition may range from a minority position to full ownership and may comprise one investment or multiple investments. The proposed investments may be in quoted or unquoted companies; be made by direct acquisitions or farm-ins; and may be in companies, partnerships, earn-in joint ventures, debt or other loan structures, joint ventures or direct or indirect interests in assets or projects. The new Board may focus on investments where intrinsic value can be achieved from the restructuring of investments or merger of complementary businesses.
The Board expects that investments will typically be held for the medium to long term, although short term disposal of assets cannot be ruled out if there is an opportunity to generate an attractive return for Shareholders. The Board will place no minimum or maximum limit on the length of time that any investment may be held.
The Board will conduct initial due diligence appraisals of potential businesses or projects and, where they believe further investigation is warranted, intend to appoint appropriately qualified persons to assist.
The Board believes it has a broad range of contacts through which it is likely to identify various opportunities which may prove suitable. The Board believes its expertise will enable it to determine quickly which opportunities could be viable and so progress quickly to formal due diligence.
The Company will not have a separate investment manager. The Board proposes to carry out a comprehensive and thorough project review process in which all material aspects of a potential project or business will be subject to rigorous due diligence, as appropriate. Due to the nature of the sector in which the Company is focused the Company expects a focus on capital returns over the medium to long term. Should opportunities arise for an early cash return to investors, this will be considered by the Board.
It is emphasised that there is no certainty that the Company will be able to secure an acquisition or Reverse Takeover as set out above.
This information is provided by RNS
Latest directors dealings
- 1 day ago Close Brothers Group
- 1 day ago Savannah Energy
- 1 day ago Mid Wynd International Inv Trust
- 1 day ago Dillistone Group
- 1 day ago SSP Group