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16 Apr 2020 12:45
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Directorship Changes
Armadale Capital plc (LON: ACP), the AIM quoted investment group focused on natural resource projects in Africa, announces that Mr. Gerrard (Ged) Hall will step down from the Board effective from 16 April 2020 in order to pursue other business interests. Mr. Hall will be replaced as Non-Executive Director on the Board by another well qualified individual who the board of Armadale intends to appoint subject to satisfactory completion of regulatory due diligence. Further details of the new appointment will be provided in due course.
Nick Johansen Chairman of Armadale said: “I would like to thank Ged for his support and hard work during what has been a critical time in Armadale’s development that resulted in us publishing the results of our Definitive Feasibility Study, which confirmed our Mahenge Liandu Graphite Project as a long-life low-cost graphite project with an NPV of US$358m and IRR of 91%. We appreciate that it is now time for him to focus on his other business interests and we wish him well in his future endeavours.”
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
**ENDS**
Enquiries: |
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Armadale Capital Plc Nick Johansen, Non-Executive Director Tim Jones, Company Secretary | +44 (0) 20 7236 1177 | |||
Nomad and broker: FinnCap Ltd Christopher Raggett / Simon Hicks | +44 (0) 20 7220 0500 | |||
Joint Broker: SI Capital Ltd Nick Emerson | +44 (0) 1483 413500 | |||
Press Relations: St Brides Partners Ltd Charlotte Page / Beth Melluish | +44 (0) 20 7236 1177
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Notes
Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.
The Company owns the Mahenge Liandu graphite project in south-east Tanzania, which is now its main focus. The Project is located in a highly prospective region with a high-grade JORC compliant Indicated and inferred mineral resource estimate of 59.48Mt @ 9.8% TGC, making it one of the largest high-grade resources in Tanzania, and work to date has demonstrated Mahenge Liandu’s potential as a commercially viable deposit with significant tonnage, high-grade coarse flake and near surface mineralisation (implying a low strip ratio) contained within one contiguous ore body.
Other assets Armadale has an interest in, include the Mpokoto Gold project in the Democratic Republic of Congo and a portfolio of quoted investments.
More information can be found on the website www.armadalecapitalplc.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200416005425/en/
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