LONDON (Alliance News) - StratMin Global Resources PLC on Tuesday said it has cut down on the number of directors on its board, in a move designed in part as a way of reducing costs.
Chairman Laurie Hunter and Non-Executive Director Jeffrey Marvin have stepped off the board with immediate effect, the graphite production and exploration company said.
Marvin is a director of Bass Metals Ltd, which is listed in Australia and owns the 6.25% of Graphmada Mauritius not owned by StratMin. Marvin will step into an executive role with Bass to assist in completing an investment agreement between the companies.
"The terms of the investment agreement restrict common directors in acting in an executive capacity for either StratMin or Bass and Mr Marvin has therefore stepped off the StratMin Board to avoid any potential conflict in this transaction," StratMin said.
The three remaining directors are Chief Executive Brett Boynton, who will take on the role of interim executive chairman in addition to his current duties, executive director Shishir Poddar and non-executive David Premraj.
Shares in StratMin were up 22% at 2.74 pence on Tuesday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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