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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kimcor | LSE:KIM | London | Ordinary Share | GB00B0TNHV95 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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 BOAFGGMZFNLGLZM
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