Regency Mines PLC Directorate Change (1028D)

TIDMRGM

RNS Number : 1028D

Regency Mines PLC

24 June 2019

Regency Mines PLC

("Regency" or the "Company")

Directorate Changes

24 June 2019

Regency Mines Plc (LON: RGM) the natural resource exploration and development company with interests in energy storage, battery metals, coal and natural gas announces the appointments of Nigel Burton and Ewen Ainsworth as Non-Executive Chairman and independent Non-Executive Director respectively, and the appointment of Executive Director Scott Kaintz as Chief Executive Officer of the Company.

Simultaneously, the Company announces the resignation of Edmund Bugnosen as a Non-Executive Director of the Company. Mr. Bugnosen was appointed to the Board of Regency in 2009 and has primarily focused on assisting with the Company's nickel/cobalt project in Papua New Guinea over this period. Mr. Bugnosen has further agreed to be retained as a consultant in order to assist the Company primarily with its ongoing affairs in Papua New Guinea.

Dr Nigel Burton has over 30 years' experience in operational and financial management, debt and equity financing, acquisition and integration of businesses, disposals, IPOs and trade sales. Following over 14 years as an investment banker at leading City institutions including UBS Warburg and Deutsche Bank, Nigel spent 15 years as Chief Financial Officer of a number of private and public companies including Management Resource Solutions plc and Nu-Oil and Gas plc. Nigel is currently Non-Executive Chairman of Remote Monitored Systems plc and a Non-Executive Director of Digitalbox plc and Tau Capital plc, all of which are listed on AIM. Nigel is a Chartered Electrical Engineer and a Past President of the IET. He has a B.Sc. (First Class Hons) in Electrical and Electronic Engineering and a Ph.D in Acoustic Imaging from University College London.

Mr Ainsworth is an experienced AIM company director, currently the Non-Executive Chairman at Nostra Terra Oil and Gas Company plc and until the end of this month, the Chief Financial Officer of San Leon Energy plc. He is also currently CEO of Discovery Energy Limited, an advisory, consultancy and Investment Company and has worked in a variety of senior and board-level roles in the natural resource sector for over 30 years, most recently as Finance Director for Gulf Keystone Petroleum Limited. He qualified as a chartered management accountant, before moving into leading commercial roles. He holds a degree in Economics and Geography from Middlesex University, and is a member of the Energy Institute.

Following these directorate changes the reconstituted Regency Board of Directors will consist of CEO and Executive Director Scott Kaintz, Non-Executive Chairman Nigel Burton, and Non-Executive Directors Ewen Ainsworth and Andrew Bell. Mr. Ainsworth will become chair of the Audit Committee and will assist in providing oversight of the financial affairs of the Company. The Board anticipates that additional expansion of the executive team will be under future consideration.

The revised board intends to continue the ongoing strategic review of business operations already in progress, and will make further announcements on this process as appropriate.

Scott Kaintz, Executive Director and CEO, comments: "We would like to welcome Ewen and Nigel to the Regency team as we continue the process of reinvigorating and refocusing the business. Both Ewen and Nigel bring a deep set of AIM experience and capabilities to the organisation, and are already involved in our ongoing strategy discussions.

We would further like to thank Edmund Bugnosen for his many years of service to Regency, and in particular for his contributions toward Regency declaring one of the largest lateritic nickel resources in the world at our Mambare project, in Papua New Guinea. We are pleased to be able to retain access to Edmund's expertise as we continue to operate our nickel joint venture at Mambare.

Some time in the making, these board changes constitute the next of several steps placing Regency on a sustainable long-term development pathway. We look forward to further announcements on these developments in due course."

For further information, please contact:

Scott Kaintz 020 7747 9960 Director Regency Mines Plc

   Roland Cornish/ Rosalind Hill Abrahams 020 7628 3396        NOMAD Beaumont Cornish Limited 

Jason Robertson 020 7374 2212 Broker First Equity Limited

Schedule 2 Paragraph (g) of the AIM Rules for Companies:

Full name: Nigel John Burton

Age: 61 years old

Currently holds the following directorships/partnerships:

Remote Monitored Systems plc

Digitalbox plc

Tau Capital Plc

Wasdale Head Limited

Wasdale Head Inn Limited

Highbec Limited

SenseToys Limited

ASD Visual Aids Limited

Gyrometric Systems Limited

Strat Aero International Limited

Directorships and partnerships held within the last five years:

Management Resource Solutions plc

Nu-Oil and Gas plc

Procurement Services (Delaware) Inc.

New Day Energy Indonesia Limited

Dr Burton was a director of Pease Limited within 12 months of the company appointing a liquidator in June 1998. The company was subsequently liquidated.

Full name: Kristian Ewen Ainsworth

Age: 57 years old

Currently holds the following directorships/partnerships:

San Leon Energy PLC

Nostra Terra Oil and Gas Company PLC

Nostra Terra Inc

Discovery Energy Limited

Independent Resources (Egypt) Limited

Directorships and partnerships held within the last five years:

Gulf Keystone Petroleum Limited

Gulf Keystone Petroleum HBH Limited

Gulf Keystone Petroleum Numidia Limited

Adamant Ventures LLP

Adamant Advisors Limited

Shaikan Petroleum Limited

Citadel Energy Ltd

There is no further information to be disclosed under Schedule 2 Paragraph (g) of the AIM Rules for Companies

This announcement contains inside information under Article 7 of Regulation (EU) 596/2014.

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June 24, 2019 02:01 ET (06:01 GMT)