TIDMCAF
China Africa Resources PLC
02 March 2017
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 T: +44 (0)203 778
PLC 0655
David Linsley, Chief Executive
Officer
SPARK Advisory Partners T: +44 (0) 2033
- Nominated Adviser 683 555
Sean Wyndham-Quin
Neil Baldwin www.sparkadvisorypartners.com
SI Capital Limited - Joint T: +44 (0) 1483
Broker 413 500
Nick Emerson
Andy Thacker
Beaufort Securities Limited T: +44 (0) 207
- Joint Broker 382 8300
Elliot Hance
Blythe Weigh - Financial T: +44 (0) 207
PR 138 3204
Tim Blythe, Camilla Horsfall,
Nick Elwes
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
NRAEAPDAEASXEEF
(END) Dow Jones Newswires
March 02, 2017 03:26 ET (08:26 GMT)
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