Mining Minerals & Metals PLC - acquisition vehicle looking for assets in natural resources sector - Non-Executive Chair Matthew Bonner and Non-Executive Director Andrew Monk both step down immediately "to devote time to other business interests." Jonathan Martin Smith, current chief executive of Sumner Group Mining PLC, joins the board with immediate effect.
Says talks with a potential strategic investor, that may subscribe for Mining Minerals & Metals shares resulting in a more than 30% stake, are still ongoing. There is no guarantee such an agreement will be reached, or what holding may be subscribed for, or the price of such an investment. As at January 31, Mining Minerals & Metals had a GBP363,652 cash position.
Mining Minerals & Metals also notes recent share transactions, including transfer of the entire shareholding of Fermain Ltd and Haddon Corp - holding 3.3 million and 3.4 million shares respectively. Fermain's transfer was undertaken as nominee for other beneficial owners. Following this, Covalent Energy International Inc is Mining Minerals & Metals' largest shareholder, with a 27% stake. This is followed by Robert Allen Papiri with a 10% stake, Moshe Capital with a 9.98% stake, and Michael Sobeck with a 7.9% stake.
Current stock price: 10.41 pence; down 15% on Monday
Year-to-date change: up 49%
By Anna Farley; annafarley@alliancenews.com
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Mining, Minerals & Metals plc (MMM)