Directorate Change


 

TIDMKIM 
 
RNS Number : 4550N 
KimCor Diamonds plc 
17 February 2009 
 

KimCor Diamonds plc 
("KimCor" or the "Company") 
 
 
 
 
CASH PRESERVATION STRATEGY, BOARD AND ADMINISTRATIVE CHANGES 
 
 
 
KimCor (AIM: KIM) announces the following corporate strategy, Board appointments 
and administrative changes. 
 
 
Cash preservation strategy 
 
 
Following the sale of the Company's diamond and industrial operations to Belmont 
Mining Limited (as announced on 3 December 2008), the Board has resolved to 
implement a number of changes designed to preserve and maximise the cash 
available to the Company and to sustain its continued operation whilst suitable 
new business opportunities are being investigated and evaluated which have the 
potential for creating long term value for shareholders. 
 
 
The following steps have been taken. 
 
 
New Board appointments 
 
 
Mr Richard Jarvis has been appointed as an Executive Director and Mr Mark 
Burchnall has been appointed as a Non-Executive Director of the Company, both 
with immediate effect. 
 
 
Mr Jarvis is a Fellow member of the Institute of Chartered Certified Accountants 
(FCCA) and has over 10 years financial and accounting experience gained in both 
public practice and industry. On emigrating to Australia from the UK in 2003 he 
worked as a Senior Accountant in the assurance and advisory division of a public 
practice based in Perth, providing advice on corporate administration and 
financial compliance related issues. In 2007 he established his own consulting 
business, which provides financial & accounting and company secretarial services 
to public companies in the resource sector.  He has been associated with a 
number of publicly listed companies since that time, including Sylvania 
Resources Limited (AIM and ASX: SLV), Bezant Resources Plc (AIM: BZT) and Dwyka 
Resources Limited (AIM and ASX: DWY) and is currently Chief Financial Officer of 
the latter, as well as being a director of Washington Resources Limited (ASX: 
WRL). 
 
 
Mr Burchnall graduated as a lawyer in 1999 and worked in that capacity for 
approximately eight years with a number of prominent Australian law firms.  Most 
recently, he was employed as a Senior Associate with Clayton Utz in Perth, 
Australia where he worked for over four years in the corporate, energy and 
resources area, providing advice to a number of Australian and internationally 
listed clients, primarily with a natural resources focus in areas including 
capital raising, asset and share sales and acquisitions (with the associated due 
diligence enquires).  In 2006 he left the legal profession and has since held 
the role of Manager - Strategic Development with both Dwyka Resources Limited 
and (formerly) Sylvania Resources Limited, as well as having been a past 
director of Bezant Resources Plc. He is currently the Managing Director of 
Washington Resources Limited. 
 
 
Messrs Jarvis and Burchnall have been appointed to the KimCor Board in order to 
provide assistance in relation to the implementation of the corporate strategy 
outlined above, both as regards the prudent financial management of the Company 
and from a corporate and project opportunity perspective. Pending KimCor 
acquiring new trading business activities, agreement has been reached with Mr 
Jarvis and Mr Burchnall to waive payment of any directors fees or other benefits 
to which they would otherwise be entitled from the Company. 
 
 
Change of Registered Office 
 
 
Nabarro LLP has been engaged to provide company secretarial and registered 
office services to the Company. As a result, the registered office of the 
Company has been changed with immediate effect to: 
 
 
Lacon House 
Theobald's Road 
London 
WC1X 8RW 
 
 
Relocation of administrative and accounting functions 
 
 
In order to minimise costs and consistent with Mr Jarvis' appointment to the 
Board to assist with the Company's financial management, the administrative and 
accounting functions for KimCor have been relocated to Perth, where they will be 
overseen by Mr Jarvis. Accordingly, the Company's address for routine 
correspondence (apart from correspondence required to be sent to its registered 
office) and other contact details are now: 
 
 
Suite 2, 5 Ord Street 
West Perth 
Western Australia  6005 
 
 
Telephone: +61 8 9324 2955 
Facsimile: +61 8 9324 2977 
 
 
KimCor's CEO Martyn Churchouse today commented: "I would like to welcome the two 
new directors to the Company and fully expect their expertise to assist with the 
implementation of the new strategy as well as the review of new opportunities 
and the acquisition of mining projects that will add value to the benefit of our 
shareholders". 
 
 
 
 
Additional Information on the Director Appointments: 
 
 
The following information is provided pursuant to paragraph (g) Schedule Two of 
the AIM rules: 
 
 
Richard Alan Jarvis (aged 36) 
 
 
+-------------------------------------+-------------------------------------+ 
| Current Directorships/Partnerships: | Past Directorships/Partnerships     | 
|                                     | within the last five years:         | 
+-------------------------------------+-------------------------------------+ 
| Nion Business Consulting Pty Ltd    | None                                | 
+-------------------------------------+-------------------------------------+ 
| Washington Resources Limited        |                                     | 
+-------------------------------------+-------------------------------------+ 
 
 
 
Mark Langley Burchnall (aged 32) 
 
 
+-------------------------------------+-------------------------------------+ 
| Current Directorships/Partnerships: | Past Directorships/Partnerships     | 
|                                     | within the last five years:         | 
+-------------------------------------+-------------------------------------+ 
| Washington Resources Limited        | Bezant Resources Plc                | 
+-------------------------------------+-------------------------------------+ 
 
 
There is no further information required to be disclosed pursuant to Schedule 
Two paragraph (g) of the AIM rules in relation to either Mr Jarvis or Mr 
Burchnall. 
 
 
 
 
Enquiries: 
 
 
KimCor Diamonds plc    Tel: 077 3815 0889 
Martyn Churchouse 
 
 
Strand Partners Limited    Tel: 020 7409 3494 
Simon Raggett 
Warren Pearce 
Victoria Milne-Taylor 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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