Vast Resources plc Appointment Of Directors

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   1 March 2018 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Appointment of Directors 
 
   The Directors of Vast, the AIM-listed mining company with operating 
mines in Romania and Zimbabwe, are pleased to announce the appointment 
to the Board of Mr Andrew Prelea, who will continue in his existing role 
as Chief Executive Officer of the Company, and of Mr Craig Harvey, who 
will continue in his existing role as Chief Operating Officer of the 
Company, with immediate effect. 
 
   Andrew Prelea has managed the Group's Romanian operations since they 
were acquired, and was appointed as Chief Executive Officer following 
the resignation of Roy Pitchford on 31 December 2017. He has been 
involved with Vast since 2013 and has spearheaded the development of the 
Company's Romanian portfolio. Beginning his career in the early 1990s as 
a bulk iron ore and steel trader in Romania, he then went on to develop 
his career in the property and earthmoving sector in Australia before 
returning to Romania in 2003, initially to focus on the development of 
properties for the Romanian Ministry of Defence and latterly, private 
sector developments. Throughout his 26 year career, Andrew has developed 
extensive investor and public relations experience and has advised the 
Romanian government on wide ranging high-level topics including social 
housing and economic policy. He has built a strong network of contacts 
across the mining and metals industries and Europe and southern Africa, 
in addition to policy makers and governmental authorities. 
 
   Craig Harvey began his career with Gold Fields of SA in 1989 as a 
bursary student in Economic Geology where he worked on various gold, 
platinum, coal and exploration projects. At Harmony Gold he managed the 
mineral resource function on various operations and was involved in due 
diligence on acquisitions. He joined Simmer and Jack in 2004 with a 
focus on shallow, hydro-thermal gold deposits in the Eastern Transvaal 
and later moved into a corporate role managing and auditing the mineral 
resource process across all gold and uranium operations. Craig spent 3 
years in a Principal Consultant role for Ravensgate based in Perth, 
Australia, where he conducted numerous resource estimations, valuations 
and technical reports mainly in gold, uranium, copper and iron ore. 
Craig joined Vast Resources as a consultant in 2013 and became Chief 
Operating Officer in March 2017. During his tenure with Vast Resources, 
he has been heavily involved in both Zimbabwe and Romania. 
 
   Commenting on the appointments, Brian Moritz, Chairman of the Company 
said "I have great pleasure in welcoming Andrew and Craig to the Board. 
Both have demonstrated their expertise and commitment to Vast over 
several years as part of our senior management team, and have 
contributed substantially to the improving performance of the Manaila 
mine. I believe that their appointment to the Board will enable them to 
further shape and advance the Company's strategy moving forward." 
 
   The information required by Schedule 2 Paragraph (g) of the AIM Rules 
for Companies in relation to the appointments of Mr Prelea and Mr Harvey 
is contained below. 
 
   For further information, visit www.vastresourcesplc.com or please 
contact: 
 
 
 
 
Vast Resources plc                                www.vastresourcesplc.com 
 Andrew Prelea (Chief Executive Officer)           [phone] 
Beaumont Cornish - Financial & Nominated Adviser  www.beaumontcornish.com 
 Roland Cornish                                    [phone] 
 James Biddle 
Brandon Hill Capital Ltd - Joint Broker           www.brandonhillcapital.com 
 Jonathan Evans                                    [phone] 
SVS Securities Plc - Joint Broker                 www.svssecurities.com 
 Tom Curran                                        [phone] 
 Ben Tadd 
 
  St Brides Partners Ltd                            www.stbridespartners.co.uk 
  Susie Geliher                                     [phone] 
  Charlotte Page 
 
 
   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"). 
 
   Appendix 
 
   The information required by Schedule 2 Paragraph (g) of the AIM Rules 
for Companies in relation to the appointment of Richard Andrew Prelea 
(aged 49) as Chief Executive Officer is as follows: 
 
 
 
 
Current                                 Past within 5 years 
African Consolidated Resources SRL      International Paediatric and Family 
                                        Medical Clinic 
Vast Resources Romania Ltd              Blackhawk Security SRL 
AP Mining Group Ltd                     Brooklands SRL 
                                         South Pacific Investment BV 
Millwall International Investments Ltd 
Moorestown Ltd 
African Consolidated Resources (PTC) 
Ltd 
Quest Minerals SRL 
Romanian British Investment 
Corporation Ltd 
Ozone Panels SRL 
Ozone Homes SRL 
Ozone Homes Limited 
 Land Baron SRL 
Dascalu Development SRL 
Sinarom Mining Group SRL 
Oceanic Real Estate Investments SARL 
 South Pacific Group Limited 
 
 
   Andrew Prelea holds 18,438,736 shares in the Company representing 0.36% 
of the Company's issued ordinary share capital ("ISC") together with 
Share Appreciation Rights ("SARs") under the Company's Share 
Appreciation Rights Scheme over 18,000,000 shares in the Company with a 
base price of 0.7p per share, representing 0.35% of the ISC and of which 
9,000,000 SARs expire 31 March 2019 and 9,000,000 expire on 31 March 
2020. 
 
   Andrew Prelea has a 10% interest in the Piciorul Zimbrului and Magura 
Neagra prospecting licences and a prospective 10% interest in rights the 
Company may obtain in assets held or formerly held by the Romanian state 
mining company, Remin SA and in certain other Romanian licences (the 
"Joint Assets").  The 10% share is, or would be, subject to appropriate 
abatement in the event of capital contributions above agreed levels of 
seed finance by the Company where these were not proportionally matched. 
 
   When Andrew Prelea joined the Company in April 2013 he had been working 
for some time on developing a relationship with Remin SA, and his 
appointment with the Company was on the basis that he would be entitled 
to a share in any rights obtained by the Company from Remin SA.  In 
order to eliminate possible future conflicts of interest, it is the 
intention of both the Company and Andrew Prelea to negotiate terms under 
which Andrew Prelea's interest in the Joint Assets is exchanged for 
special option rights to acquire shares in the Company.  The grant of 
such special option rights would be subject to approval by shareholders 
of the Company at a General Meeting. 
 
   Andrew Prelea has an 8% equity interest in the Group's subsidiary, 
African Consolidated Resources SRL. 
 
   Between 2005-2007 Andrew Prelea was appointed to the board of several 
companies, certain of which are listed below, which were all part of the 
South Pacific Group (the "Group"), a residential property development 
company in Romania with various projects (the "Projects"). 
 
   As a result of the failure by a private equity fund to complete the 
acquisition of a 50% interest in the South Pacific Group in 2008, 
funding by the respective banks financing the Projects was removed which 
eventuated the Projects being placed in to administration. Andrew Prelea 
was a director, or equivalent, of the below listed companies within the 
South Pacific Group on or within 12 months of their going into 
administration. 
 
 
 
 
                    date of Bankruptcy       date of          date of Andrew 
                                          administration          Prelea 
                                         (under Romanian        resignation 
                                               Law) 
Brooklands SRL          26-Jan-16           19-Dec-11           23-Nov-11 
South Pacific           18-Jun-12           20-Feb-09           18-Jun-12 
Design and Build 
SRL 
Antrepriz               24-Mar-16           02-Jul-13           26-Mar-12 
Rezidentiale srl 
(formerly South 
Pacific 
Constructii srl) 
Darwin Residence        24-Sep-13           21-Mar-12           27-Feb-12 
II srl 
Adelaide Residence      07-May-12           13-Apr-11           20-Oct-10 
srl 
South Pacific           14-Feb-12           14 -09-10           30-Mar-12 
Group Melbourne 
Residence srl 
 
 
 
 
                                                           GBP million 
Total creditors for the Group at time of administration          40.74 
Estimated value of assets in the Group at the time 
 of administration (if sold at that time)                        13.15 
 
Andrew Prelea and family proportion of total creditors 
 (35%)                                                           14.23 
 
 
 
   Note: As detailed above, the creditors on Administration were 
approximately GBP40.74 million against realisable assets at the time of 
GBP13.15 million.  A process of asset realisations is ongoing to reduce 
the creditor shortfall resulting from the Group's administration. 
 
 
 
 
   Save as disclosed above, there are no further disclosures required to be 
made in respect of the appointment of Andrew Prelea under Schedule 2(g) 
or Rule 17 of the AIM Rules for Companies. 
 
   The information required by Schedule 2 Paragraph (g) of the AIM Rules 
for Companies in relation to the appointment of Craig James Harvey (aged 
47) as Chief Operating Officer is as follows: 
 
   Craig Harvey does not currently nor has not held any directorships or 
partnerships in the last five years. 
 
   Craig Harvey holds 5,650,000 shares in the Company representing 0.11% of 
the ISC together with SARs over 3.000,000 shares in the Company with a 
base price of 0.7p per share, representing 0.06% of the ISC and of which 
1,500,000 SARs expire on 31 March 2019 and 1,500,000 expire on 31 March 
2020. 
 

   Save as disclosed above, there are no further disclosures required to be 
made in respect of the appointment of Craig Harvey under Schedule 2(g) 
or Rule 17 of the AIM Rules for Companies. 
 
   **ENDS** 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Vast Resources plc via Globenewswire 
 
 
  http://www.acrplc.com/ 
 

(END) Dow Jones Newswires

March 01, 2018 12:10 ET (17:10 GMT)

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