AIM and Media Release
22 October 2021
BASE RESOURCES
LIMITED
Base Resources Chair and Board succession
African mineral sands producer, Base Resources Limited
(ASX & AIM: BSE) (Base Resources or the Company)
advises of the following planned changes to the Board of Directors
of the Company.
Chair succession
Keith Spence has informed the
Board that he intends to retire as Chair and Non-Executive Director
of the Company at the conclusion of the Company’s Annual General
Meeting to be held on Friday, 26 November
2021 (2021 AGM). Mr Spence joined the
Board in February 2015, becoming
Chair in May 2015.
Mr Spence said: “It has been a pleasure to have worked with the
Base Resources Board and management team since 2015, during which
time we achieved many significant milestones including the
continued evolution of safe and efficient Kwale Operations in
Kenya, the acquisition and
progression of the Toliara Project in Madagascar and the Company’s transition to
being a dividend payer. Base Resources is an exceptional
organisation and I am proud to have been part of its
development. Base Resources has a well-earned reputation for
excellence – particularly in the area of sustainable mining in
Africa. Base Resources makes a genuine difference to the
lives of those involved in its projects and in surrounding
communities. Having served as a Director and Chair for more
than six years, the timing is right for me to step down to provide
an opportunity for renewal as the company enters the next phase of
its development.”
Managing Director, Tim Carstens
said: “As Chair, Keith has left an indelible mark on Base
Resources. His wise counsel and deep experience willingly
shared has served to elevate our capability and performance and
ensure a business well prepared to successfully meet its future
challenges.”
Non-Executive Director, Michael
Stirzaker, will be appointed as Non-Executive Chair
immediately following the 2021 AGM. Mr Stirzaker has
over 30 years’ commercial experience, mainly in mining finance and
mining investment. Mr Stirzaker has been a Non-Executive
Director of Base Resources since 2014, having acted as an alternate
since November 2011. Mr Stirzaker is a member of the
Company’s Remuneration & Nomination Committee and the
Environment, Social and Ethics Committee. Mr Stirzaker is
also chair of Akora Resources Limited and a non-executive director
of Prodigy Gold NL.
In accordance with the definition of independence specified in
the Company’s Board Charter, the Board has determined that
Chair-elect, Mr Stirzaker, will be considered independent upon
commencing as Chair. Having retired from his prior role with
major shareholder, Pacific Road1, in August 2019, and with him ceasing to be Pacific
Road’s nominee on the Board, as supported by his consistent and
demonstrated prior behaviour, the Board is entirely satisfied with
Mr Stirzaker’s capacity to bring an independent judgement to
bear on issues before the Board and to act in the best interests of
the Company as a whole.
[Note (1): As at the
date of this announcement, Pacific Road Capital II Pty Ltd and
Pacific Road Capital Management GP II Limited hold a combined 26.5%
of the Company’s issued share capital.]
Board succession
Scot Sobey has been nominated by
Pacific Road for election as a Director of the Company at the 2021
AGM. Mr Sobey is an Investment Director at Pacific Road
where he is responsible for the screening of, evaluation of and
subsequent investment in, resource related investment
opportunities. He is a mechanical engineer, with greater than
15 years’ experience in the resources industry and significant
development and operating expertise across multiple
commodities. Mr Sobey’s proposed election as a Director
is subject to shareholder approval at the 2021 AGM, further
details of which will be provided in the Notice of 2021 AGM to be
released to ASX by 27 October
2021.
Chair-elect, Mr Stirzaker said: “Keith has contributed
significantly to the Company and its successes over many years, and
we are fortunate to have had a person of his calibre chairing the
Company over this time. I would again like to thank Keith on
behalf of my fellow directors for his service to the Company and
wish him well in pursuing his future endeavours. Subject to
shareholder consideration at the 2021 AGM, I also welcome Scot
to the Board. I look forward to the exciting opportunity of
being Chair of this great company as we pursue all opportunities to
create value for our stakeholders”.
Subject to the outcomes of the meeting, following conclusion of
the 2021 AGM the Board of the Company is expected to
comprise:
Mr Michael Stirzaker |
Independent Non-Executive Chair |
Mr Tim Carstens |
Managing Director |
Mr Colin Bwye |
Executive Director – Operations and
Development |
Mr Malcolm Macpherson |
Independent Non-Executive
Director |
Ms Diane Radley |
Independent Non-Executive Director
* |
Ms Janine Herzig |
Independent Non-Executive
Director |
Mr Scot Sobey |
Non-Executive Director
# |
* Ms Radley will retire by rotation at the 2021 AGM
and, being eligible, is to be considered for re-election at
that meeting.
# Mr Sobey’s election as a Director is
subject to shareholder approval at the 2021 AGM.
ENDS.
For further information contact:
James Fuller, Manager Communications
and Investor Relations |
UK Media Relations |
Base Resources |
Tavistock Communications |
Tel: +61 (8) 9413 7426 |
Jos Simson and Gareth Tredway |
Mobile: +61 (0) 488 093 763 |
Tel: +44 (0) 207 920 3150 |
Email:
jfuller@baseresources.com.au |
|
This release has been authorised by the Board of Base
Resources.
About Base Resources
Base Resources is an Australian based, African focused, mineral
sands producer and developer with a track record of project
delivery and operational performance. The company operates
the established Kwale Operations in Kenya and is developing the Toliara Project in
Madagascar. Base Resources is an ASX and AIM listed
company. Further details about Base Resources are available
at www.baseresources.com.au
PRINCIPAL & REGISTERED
OFFICE
Level 3, 46 Colin Street
West Perth, Western Australia, 6005
Email: info@baseresources.com.au
Phone: +61 (0)8 9413 7400
Fax: +61 (0)8 9322 8912
NOMINATED ADVISOR
RFC Ambrian Limited
Stephen Allen
Phone: +61 (0)8 9480 2500
JOINT BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20 3207 7800
JOINT BROKER
Canaccord Genuity
Raj Khatri / James Asensio /
Patrick Dolaghan
Phone: +44 20 7523 8000