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Ormonde Mining PLC (ORM)

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Monday 10 February, 2020

Ormonde Mining PLC

Directorate Change

RNS Number : 4121C
Ormonde Mining PLC
10 February 2020
 

10 February 2020

 

Ormonde Mining plc

("Ormonde" or "the Company")

 

New Non-Executive Director Nominees

 

As indicated as part of Ormonde's announcement of 27 January 2020, both Mr. Michael Donoghue and Mr. John Carroll intend to retire from the Board and Company following the completion of the proposed disposal of the Company's 30% interest in the Barruecopardo Tungsten Mine ("Proposed Disposal"), assuming the Proposed Disposal is approved by shareholders at an extraordinary general meeting to be held in Dublin on 13 February 2020.

 

In preparation for these changes, Ormonde is pleased to announce that it has identified two new non-executive director nominees, who will replace Mr. Donoghue and Mr. Carroll, assuming completion of the Proposed Disposal. The nominees are Mr. Tim Livesey and Mr. Richard Brown, who both will bring extensive mining industry executive experience and a combination of strong technical, commercial and governance credentials to the Ormonde Board.

 

Mr. Livesey is a geologist and mining executive with 30 years of experience in gold and base metals. Tim is currently Chief Executive Officer and director of Oriole Resources PLC and non-executive chairman of Minexia Limited, a mining investment, development and advisory company, having previously held several executive management and Board roles with companies such as Barrick Gold, Tethyan Copper Company, Rakita Exploration and Reservoir Minerals, (which was sold in June 2016 to Nevsun Resources Ltd. for US$365 million).

 

Mr. Brown is a chartered accountant with 28 years of experience in business and corporate advisory roles and is currently Chief Financial Officer of TSX Venture Exchange quoted Gabriel Resource Ltd. Prior to his current position, Richard spent 15 years in corporate finance advisory roles, specialising in M&A/takeovers, equity capital markets, AIM/TSX regulatory advice, including positions as Head of Corporate Finance and Chief Operating Officer at mining focused investment bank Ambrian Partners.

 

Assuming completion of the Proposed Disposal and their subsequent appointments, Tim and Richard, together with Mr. Jonathan Henry, who will move from non-executive director to Executive Chairman, will provide Ormonde with the appropriate leadership, governance, experience and strategic direction as it targets a new phase for the Company, focussing on the creation of value from its current assets, together with pursuing growth through M&A, supported with the cash proceeds from the Proposed Disposal of €6 million.

 

Commenting on the proposed Board changes, Jonathan Henry, director and incoming Executive Chairman, stated:

 

"We are very pleased that Ormonde is able to present to shareholders the Board restructuring planned once the Proposed Disposal is approved by shareholders. With individuals of the calibre of Tim and Richard ready to join the Board as non-executive directors, the Company will benefit from their vital combination of skills, experience and mining business acumen, which will assist the Company greatly as it seeks to transition into a new phase.

 

It is our intention, in the short term, for the new Board to work together with executive management to build a fresh and exciting vision and strategy for Ormonde, absolutely focused on value creation for shareholders including, if appropriate, through the pursuit of M&A opportunities."

 

 

Additional Disclosures in relation to appointments:

 

The new non-executive director appointees will be subject to re-election by shareholders at the next Annual General Meeting of the Company, which will be held at the earliest practicable date following preliminary announcement of the Company's results for the year ended 31 December 2019.

 

Mr. Tim Livesey

 

Tim Livesey is an experienced geologist and mining company executive with 30 years of experience in gold and base metals.  With a focus on Africa, Europe and Asia, he has worked at all stages of exploration, development and mining operations, and brings a strong technical acumen and track record of commercial delivery. Tim is currently Chief Executive Officer and director of Oriole Resources PLC, an AIM quoted exploration company operating in Africa and Europe. He also holds the position of non-executive chairman of Minexia Limited, a mining investment, development and advisory company. Previous roles include exploration manager (Eurasia) and Managing Director Saudi Arabia for Barrick Gold Corp, CEO of Tethyan Copper Company Pty Ltd (a Joint Venture between Antofagasta Minerals and Barrick Gold Corp, owner of the Reko Diq project in Pakistan), Chief Operating Officer of Reservoir Minerals Inc, (sold in June 2016 to Nevsun Resources Ltd for US$365 million) and Managing Director Rakita Exploration d.o.o., (the Serbian entity controlling the Cukaru Peki project).

 

Full name: Timothy James Livesey

Age: 52

 

The following are the directorships and partnerships held by Tim within the past five years:

 

Current directorships / partnerships

Past directorships / partnerships:

Minexia Limited

Lelantos Consulting Limited

Oriole Resources PLC

Stratex Madencilik

Tethyan Copper Company Pty Ltd

Rakita Exploration d.o.o. (Serbia)

Stratex International PLC

 

Tim does not hold any ordinary shares in Ormonde. There are no further details that are required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules and Euronext Growth Rules.

 

Mr. Richard Brown

 

Richard Brown is a chartered accountant with 28 years of experience in business and corporate advisory roles. He brings proven commercial and financial oversight skills, risk management and planning expertise, in addition to a diversity of perspective having worked within the mining industry as well as a variety of other global industries. Richard is currently Chief Financial Officer of TSX Venture Exchange quoted Gabriel Resource Ltd, and prior to joining Gabriel in 2011 Richard spent 15 years in corporate finance advisory roles to the boards of private and public companies in the UK, Canada and Australia, specialising in M&A, equity capital markets, regulatory and takeover advice. Roles included Head of Corporate Finance and Chief Operating Officer at mining focused investment bank Ambrian Partners, Lead Advisory at KPMG Corporate Finance and Equity & Capital Markets Group of the London Stock Exchange. Richard is a member of the Institute of Chartered Accountants in England and Wales.

 

Full name: Richard Paul Brown

Age: 50

 

The following are the directorships and partnerships held by Richard within the past five years:

 

Current directorships / partnerships

Past directorships / partnerships:

RM Gold (Services) Ltd.

-

 

Richard does not hold any ordinary shares in Ormonde. There are no further details that are required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules and Euronext Growth Rules.

 

 

Enquiries to:

 

Ormonde Mining plc

Paul Carroll, Chief Financial Officer

Fraser Gardiner, Chief Operating Officer

Tel: +353 (0)1 8014184

 

Davy (Nomad, Euronext Growth Advisor and Joint Broker)

John Frain / Barry Murphy

Tel: +353 (0)1 679 6363

 

SP Angel Corporate Finance LLP (Joint Broker)

Ewan Leggat

Tel: +44 (0)20 3 470 0470


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