Papua Mining Plc Board Changes (2898O)

TIDMPML

RNS Number : 2898O

Papua Mining Plc

03 November 2016

3 November 2016

This announcement contains inside information

Papua Mining plc

("Papua" or "the Company")

Board Changes

Papua Mining plc, a UK company focused on the exploration and development of gold and copper deposits in Papua New Guinea ("PNG"), is pleased to confirm the appointments of John Hutchinson and Michael Somerset-Leeke as Non-executive Directors of the Company, both with immediate effect.

John Hutchinson has been managing partner at Epi-V LLP, a private equity fund specialising in oil and gas technology investments, since 2012 having joined at its inception in 2006. During his time at Epi-V his responsibilities have included transaction management, business development and fundraising and he currently has overall responsibility for Epi-V's own business. Prior to this John was head of the corporate team at law firm Pitmans LLP for 7 years and in 2015 he was appointed as its Managing Partner.

Mr Hutchinson's appointment to the Board was proposed by Thalassa Holdings Ltd ("Thalassa") in accordance with the terms of the Subscription Agreement under which Thalassa subscribed for GBP400,000 of new shares in the Company and which was approved by shareholders on 7 October 2016.

Michael Somerset-Leeke was formerly Chairman of Winchmore PLC, a quoted investment trust which developed a significant presence in the leisure sector. Prior to this Mr Somerset-Leeke was Senior Partner at Coni & Covington Stockbrokers.

Mr Somerset-Leeke has been a substantial shareholder in Papua since before the Company's admission to AIM in March 2012 and currently is interested in 37,991,102 ordinary shares, representing 25.37 per cent of the Company's issued share capital.

The Company also announces that Keith Lough has elected to resign from his position as a Non-executive Director of the Company with immediate effect.

Hugh McCullough, CEO of Papua, commented:

"We are delighted to welcome two new non-executive directors to the Board at what is an important time for Papua. We will have some key decisions to take in the next 12 months regarding the future activities of the Company and we look forward to input from John and Michael in this regard.

On behalf of the Board I would like to thank Keith Lough for his guidance and valuable contribution to the Company's progress. He has been an important member of the Board since we joined AIM in 2012 and we wish him well in the future."

Save for the information disclosed below, there are no further disclosures to be made in accordance with Schedule Two paragraph (g) of the AIM Rules for Companies in respect of the appointments.

 
 Full name:               John Christopher          Michael Fitzroy 
                           Hutchinson                Somerset-Leeke 
-----------------------  ------------------------  ---------------------- 
 Age:                     54                        73 
-----------------------  ------------------------  ---------------------- 
 Current Directorships    o Epi-V LLP               None 
  & Partnerships           o Pitmans LLP 
  (in the last             o Epi-V GP LLP 
  5 years)                 o Epi-V GP Investments 
                           LLP 
                           o Moorland Energy 
                           Limited 
                           o Moorland Exploration 
                           Limited 
                           o Moorland Power 
                           Limited 
                           o Epi-V Corporate 
                           Services Limited 
                           o iPhase Limited 
                           o Guardian Holdings 
                           Limited 
                           o Tracesa Technology 
                           Limited 
                           o Evendons Close 
                           Limited 
                           o Sentio Costs 
                           Limited 
-----------------------  ------------------------  ---------------------- 
 Former Directorships     o Semax Materials         None 
  & Partnerships           Limited 
  (in the last             o Mandmas Limited 
  5 years)                 o Tersto Limited 
-----------------------  ------------------------  ---------------------- 
 Shareholding             Nil *                     37,991,102 ordinary 
  in the Company                                     shares, representing 
                           * Mr Hutchinson           25.37 per cent 
                           was nominated as          of the Company's 
                           a director by Thalassa    issued share capital 
                           Holdings Ltd, an 
                           entity which is 
                           currently interested 
                           in 40,000,000 ordinary 
                           shares in the Company, 
                           representing 26.71 
                           per cent. of the 
                           issued share capital 
-----------------------  ------------------------  ---------------------- 
 

Michael Somerset-Leeke was formerly a senior partner at Coni Gilbert and Sankey, a now-defunct UK-based stockbroker. In 1985 a number of partners in the firm, including Mr Somerset-Leeke, were censured by the Stock Exchange Council for activities relating to the use of suspense accounts. Mr Somerset-Leeke was suspended from trading activities for a period of three months.

In 1988, Michael Somerset-Leeke was a witness in a UK Department of Trade and Industry investigation relating to equity trading activities at Suter Plc, a UK-based engineering company. He was subsequently criticised for running a concert party and the DTI recommended that the concert party rules were reviewed. No further action was taken against Mr Somerset-Leeke.

For further information on the Company please visit www.papuamining.com or contact the following:

 
Papua Mining plc, 
 Hugh McCullough, Director          [phone] 
Cenkos Securities plc - Nominated 
 Adviser & Broker, 
 Derrick Lee / Beth McKiernan       [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

BOAEASFDEFXKFFF

(END) Dow Jones Newswires

November 03, 2016 11:18 ET (15:18 GMT)