TIDMCAF
RNS Number : 2126X
China Africa Resources PLC
17 February 2017
China Africa Resources PLC
17 February 2017
China Africa Resources plc
("China Africa" or "the Company" or "CAF")
Board Changes
China Africa Resources plc (LON:CAF) the AIM listed natural
resource exploration and development company, announces strategic
board changes which the they believe will drive forward the growth
and development of the Company.
-- David Linsley, formerly the Executive Director of Behre
Dolbear, has been appointed as Chief Executive Officer with
immediate effect;
-- Paul Johnson and Nick O'Reilly will step down from the Board
with immediate effect however will continue to support the Company
going forward, notably dealing with any transitional matters;
-- John Bryant and Rod Webster will remain as Directors of the
Company in the roles of Non-Executive Director and Non-Executive
Chairman, respectively;
-- Further senior appointments are expected to be made and
announced in due course and expected to include team members with
extensive exploration, development and mining experience across a
diverse range of commodities including technical experience in
copper operations and uranium mining, alongside M&A and
corporate advisory;
-- The new Board hopes to provide the Company with:
- new resource project opportunities including more advanced and
near or currently producing assets, complementing existing
interests, and
- access to high quality capital for the future including
institutions, hedge funds and family offices.
Rod Webster, Chairman, said,
"I thank Paul and Nick for their work in successfully steering
China Africa through the General Meeting in December, and into its
Rule 15 Cash Shell status and now holding two investment interests
in Botswanan Copper and USA Lithium.
The Company is well positioned for its next growth phase and as
such has attracted the interest of a high profile management team
who are eager to drive the company forward.
I welcome David as CEO and the Board looks forward to working
with him and the new colleagues he is expected to be bring to the
Company. The Board believe David and his potential team have the
skills to move the Company forward through the sourcing of high
quality assets and access to capital."
David Linsley, Chief Executive Officer said,
"I am delighted to assume the position of CEO at China Africa. I
have been closely involved in the mineral sector for many years, a
significant portion of which has been spent in fund management
financing resource companies. I intend to leverage this strong
network to bring some high calibre people to work with me at China
Africa. I believe we will be able to access resource projects
capable of delivering a significant return for investors'.
Through this network I will also seek to support our future work
with a pool of high quality capital from well-regarded
institutions, hedge funds and family offices known to myself and my
team.
I am currently in the process of finalising the management team
and in parallel pursuing negotiations over new resource
opportunities which will fit with both the China Africa business
model and our plans for the business. I intend to provide a report
to shareholders outlining our plans in more detail in the coming
weeks. I will of course make announcements to market should
material events occur in the interim."
David Linsley's Background:
David Linsley is a former Executive Director of Behre Dolbear.
Prior to his work with Behre Dolbear he was a co-founder of
Northern Zinc, a group formed to acquire a near production zinc
asset in upstate New York.
Mr Linsley founded Sirius Investment Management LLP in 2005, a
Gibraltar based multi strategy fund management group specialising
in fund of funds and hedge fund products. The most notable fund
launched was the Sirius Resource Fund which invested in global
mining and resource transactions.
Previously, Mr Linsley was a co-founder in 1998 and CEO of Cross
Asset Management Ltd, a UK- based hedge fund management company
which managed $500 million in assets across a number of strategies
including Event Driven Equity and Credit. As a multi-strategy
Europe-focused arbitrage firm Cross was involved in mergers,
corporate restructurings, IPOs and private placements across
Europe. In 2005 Cross Asset Management was sold to RAB Capital, a
specialist asset manager focusing on natural resource and
long/short equity investments.
Mr Linsley started his career at Lehman Brothers International
in the prime brokerage and equity finance group, where he was
involved with numerous hedge fund structures as an early
participant in this London based community
Mr Linsley has developed strong relationships with institutional
funds internationally, including in Europe and the US. In addition,
Mr Linsley has been involved in numerous financings in the mining
and resources sectors around the world and has sat on the boards of
several mining companies. Mr Linsley is currently a member of the
board of Behre Dolbear.
Mr David Charles Linsley, aged 51, held or has held the
following directorships or partnerships in the past five years.
Current Past
Behre Dolbear Group Inc. Northern Zinc LLC
He has no shareholding in the Company.
Save as disclosed, there are no other disclosures required in
relation to Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules
for Companies.
AIM Rule 15 Cash Shell Status
On 14(th) December shareholders in CAF approved at General
Meeting the distribution of shares in the Company's 100% owned
China Africa Namibia Pty Limited to then shareholders. This
distribution was completed as announced to market on 11 January
2017. As a result of the distribution China Africa Resources became
a Rule 15 Cash Shell with six months to complete a reverse takeover
or face suspension from trading on AIM.
Since that time the Company has made two investments. The first
was to secure a 48.88% of Global Exploration Technologies Pty
Limited which has a 100% interest in five copper exploration
licences in the Kalahari Copper Belt, Botswana and which was
announced to the market on 1 February 2017. The second to secure up
to 47.5% of US Lithium Pty Limited which has a 100% interest in
four Lithium exploration properties in Arizona and New Mexico, as
announced to market on 8 February 2017.
Shareholders should note that the Company has yet to make an
acquisition that represents a reverse takeover under the AIM rules.
Consequently, China Africa continues to be required to complete a
reverse takeover within six months of 11 January 2017 or face
suspension from trading on AIM.
For further information on the Company, visit:
http://www.chinaafricares.com/.
China Africa Resources PLC T: +44 (0)203 778
David Linsley, Chief Executive 0655
Officer
SPARK Advisory Partners - T: +44 (0) 2033 683
Nominated Adviser 555
Sean Wyndham-Quin
Neil Baldwin www.sparkadvisorypartners.com
SI Capital Limited - Joint T: +44 (0) 1483 413
Broker 500
Nick Emerson
Andy Thacker
Beaufort Securities Limited T: +44 (0) 207 382
- Joint Broker 8300
Elliot Hance
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
The company news service from the London Stock Exchange
END
BOASFIFDWFWSESE
(END) Dow Jones Newswires
February 17, 2017 08:36 ET (13:36 GMT)
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