Trans-Siberian Gold PLC Directorate Change (0816R)

TIDMTSG

RNS Number : 0816R

Trans-Siberian Gold PLC

19 September 2017

Trans-Siberian Gold plc

("TSG" or the "Company")

Board Changes

Trans-Siberian Gold plc (TSG.L) announces the following changes to the Board of Directors of the Company.

The Company is pleased to announce the appointment of Mr. Florian Fenner, Mr. Ljupco Naumovski and Mr. Stewart Dickson (together the "New Directors").

The Company also notifies the retirement of Mr. Peter Burnell.

As previously notified, Mr. Alexander Dorogov, who has been Finance Director of TSG's Russian subsidiaries since 2010 has assumed the responsibilities of Chief Financial Officer. It is expected that he will be appointed to the Board shortly.

Brief Biographies

Florian Fenner

Mr. Fenner joined UFG Asset Management as Managing Partner in July 2002. In addition to his role as Managing Partner, Mr. Fenner is also responsible for the overall management of UFG's public markets funds business. Prior to joining UFG, from 2000 to 2002, he was the Head of Unifund's Moscow office with responsibility for its Russia portfolio. From 1996, Mr. Fenner served as the Deputy Head of Research at Brunswick Brokerage, one of Russia's leading investment banks and, in 1997, he became the Russian Equity Portfolio Manager for Brunswick Capital Management. Before joining Brunswick Brokerage, he worked as an investment banker for Schroder Munchmeyer Hengst Co. in their Frankfurt office. Mr. Fenner is a CFA charterholder and holds a degree in banking from Industrie- und Handelskammer in Frankfurt-am-Main.

Lou Naumovski

Mr. Naumovski has more than three decades of experience working in Russia, most recently as Vice President and General Director of the Moscow office for Kinross Gold Corporation ("Kinross"), the largest Canadian investor in Russia. He also developed the business of Visa International, serving as Senior Vice President and General Manager Visa International Service Organisation (VISA), CEMEA region. Additionally, he served as Senior Banker and Head of Mission for the Russian Team of the European Bank of Reconstruction and Development ("EBRD" or the "Bank") in Moscow. While at EBRD, the Bank undertook more than half a billion dollars in financing of various projects, and he represented the Bank when the Russian Prime Minister's Foreign Investment Advisory Council was first founded.

Mr. Naumovski has a BA (Honours) in Economics and Political Science from the University of Toronto and an MA in International Relations (specialised in Russian / Soviet affairs) from the Norman Patterson School of International Affairs at Carleton University in Ottawa, Canada.

Stewart Dickson

Mr. Dickson has recently been appointed as Chief Executive Officer of ASX listed Variscan Mines Limited, having accumulated a decade of investment banking experience. His prior appointment was as Managing Director and Head of Metals & Mining at Cantor Fitzgerald Europe, based in London. He had responsibility for client coverage of public and private mining companies across precious metals and base metals, bulks, fertilizers and specialty metals. He has a broad range of international financial advisory, equity capital markets and corporate broking transaction experience including initial public offerings, financings and M&A. Prior to investment banking, Mr. Dickson served in the British Army as a commissioned officer and saw operational service overseas. Stewart is a graduate of University College London and holds a MBA from Henley Business School.

Board Composition

The Board of TSG will comprise:

 
       Name          Age           Position           Appointed 
-----------------  -----  ------------------------  ------------ 
   Charles Ryan      50     Non-Executive Chairman    April 2009 
   Dmitry Khilov     59        Chief Executive        July 2007 
                                    Officer 
   Robert Sasson     52     Non-Executive Director    June 2013 
  Florian Fenner     46     Non-Executive Director    September 
                                                         2017 
   Lou Naumovski     60     Non-Executive Director    September 
                                                         2017 
  Stewart Dickson    39     Non-Executive Director    September 
                                                         2017 
 

Board Committee Composition

The Company's Board committees will be constituted as follows:

 
                            Chairman        Members 
  Audit Committee           Charles Ryan    Robert Sasson, 
                                             Stewart Dickson 
  Remuneration Committee    Charles Ryan    Robert Sasson, 
                                             Lou Naumovski 
 

Charles Ryan, Non-Executive Chairman of TSG, commented:

"We have overhauled our Board of Directors in line with our commitment to good corporate governance practices and to actively engage with capital markets. I welcome the New Directors and look forward to working with them. I also thank Peter Burnell for his wise counsel and significant contribution to the Company over a long period of service."

Additional Information

The following additional information is provided in accordance with AIM Rule 17 and Schedule Two, paragraph (g) of the AIM Rules for Companies.

Details of the names of companies and partnerships (excluding directorships of the Company) of which the New Directors are or have been members of the administrative, management or supervisory bodies or partners at any time in the five years preceding the date of this document are set out below:

 
  Name                Current directorships/partnerships    Past directorships/partnerships 
------------------  ------------------------------------  --------------------------------- 
  Florian Wolfgang    UFG Global Diversified                Gemsstock Limited 
   Fenner              Investments Limited                   Trans-Siberian Gold 
                       UFG Investment Company                plc 
                       I Limited                             SM Domestic Property 
                       UFG WM Fund Management                AG 
                       I Limited 
                       UFG Gulf Investments 
                       Limited 
                       UFG Gulf Fund Management 
                       Limited 
                       UFG Russian Commercial 
                       Real Estate Fund 
                       I S.A., SICAV-SIF 
                       UFG Global Hospitality 
                       Real Estate Fund 
                       I S.A., SICAV-SIF 
                       UFG European Commercial 
                       Real Estate Fund 
                       I S.A., SICAV-SIF 
                       Petrovka GmbH 
                       Povarskaya Grundbesitz 
                       GmbH & Co. KG 
                       UFG Russia Select 
                       Fund 
                       KST Beteiligungs 
                       AG 
                       SM Wirtschaftsberatungs 
                       AG 
                       SM Capital AG 
                       SM Beteiligungs AG 
                       RCM Beteiligungs 
                       AG 
                       Soltowe GmbH 
  Ljupco Lou          Euromax Resources                     Macedonia 2025 
   Naumovski           Amur Minerals Corporation             Centre of Financial 
                       Canadian Executive                    Technologies / Zolotaya 
                       Services Organization                 Korona 
                       Canada Eurasia Russia 
                       Business Association                  Chukotka Mining and 
                                                             Geological Company 
                                                             JSC (registered in 
                                                             Russia as ZAO CGGK) 
                                                             Chukotka Mining and 
                                                             Geological Company 
                                                             LTD (registered in 
                                                             Russia as OOO CGGK) 
                                                             The Mining Advisory 
                                                             Council, Russia 
  Stewart James       Variscan Mines Limited                - 
   Dickson             Manstone Resources 
                       plc 
                       FELDI Limited 
                       Cantor Fitzgerald 
                       LP 
 

The New Directors do not hold any interest in the Company's issued share capital save for Mr. Fenner who has a shareholding of 14.4%(1) of the Company's issued share capital. Additionally, Mr. Fenner holds non-controlling equity interests in the General Partners of UFG Russia Select Master Ltd, UFG Investors Ltd and UFG Special Situations Fund L.P. which, in aggregate, hold approximately 35.97% of the Company's issued share capital.

Note (1) held though his 100% ownership of both Petrovka GmbH (1.56%) and UFG Investment Company I Limited (9,74%), and the remainder of his shareholding held directly.

Ends

 
  Contacts: TSG 
                              +44 (0) 7799 
 Stewart Dickson                    694195 
 
                               +44 (0) 207 
 Cantor Fitzgerald Europe         894 7000 
 David Porter 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 19, 2017 02:01 ET (06:01 GMT)