Canal+ Regulatory News (CAN)

11 Dec 2009 07:00



Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining

11 December 2009

Central African Gold Plc ('CAG' or 'the Company')

Directorate Changes 

Central African Gold Plc, the AIM quoted gold mining and exploration company, announces that Roy Lander, CAG's Chairman, has stepped down from the Board with immediate effect, for personal reasons.

Accordingly, the Company's CEO, Roy Pitchford, will assume the role of acting Chairman and CEO whilst the Company continues the process to recruit a full time Chairman.

A further announcement on this matter will be made in due course.

Additionally, Bryce Fort has been appointed to the board of CAG ('the Board') as a non-executive Director, with immediate effect, replacing Navid Burney as ECP's representative on the Board.  

Mr. Fort is a Managing Director and a founding partner of Emerging Capital Partners which spun out of Emerging Markets Partnership in 2005. Emerging Capital Partners manages six funds totalling over US$1.6 billion and is a leading private equity company focussed exclusively on Africa. Mr. Fort is responsible for identifying, analysing, and recommending investments, performing due diligence and leading transaction teams and is also involved with operations and strategies related to the management company. Previously he worked for Deutsche Bank AG's European Healthcare Corporate Finance Group which executed mergers and acquisitions, equity and debt financings for pharmaceutical, biotech and medical device companies.

Under the provisions of the Company's articles of association, Mr Fort, as a Director appointed by the Board, shall hold office as a Director until the conclusion of the Company's AGM and shall then be eligible for re-election.

A date for CAG's AGM will be set once the Company's annual report and accounts for the year ended 31 December 2008 and the Interim Results for the six months ended 30 June 2009 (together 'the Financial Reports') are finalised by the Company and its auditors. CAG is continuing to work with its auditor, KPMG Audit Plc, to finalise, the Financial Reports and the Company expects that the Financial Reports will be published before 25 December 2009.

The Board notes that should the Company not publish its Results by 25 December 2009, it may be mandatorily delisted pursuant to Rule 41 of the AIM Rules.

Once the Financial Reports are published, the Board anticipates that trading in the Company's shares on the AIM market of the London Stock Exchange will recommence.

Roy Pitchford, Chief Executive of the Company said, "I would like to take this opportunity, on behalf of the Company, to thank Roy Lander for his services to CAG and support he has provided to the Board, particularly during CAG's recent difficulties, and wish him well in his future endeavours. I would also like to welcome Bryce Fort to the Board and believe he will provide valuable assistance to CAG, particularly in view if his extensive investment experience in Africa."

Further information required by AIM Rules for Companies

The following information is provided in accordance with paragraph (g) of Schedule 2 of the AIM Rules for Companies.

Mr. Fort, aged 30, is a director or has been a director of the following companies during the previous five years:

There are no other matters which are required to be announced with regard to this appointment under paragraph (g) of Schedule 2 of the AIM Rules.

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For further information please visit www.centralafricangold.com or contact:

Notes to Editors 

Central African Gold Plc is an established gold mining company with a portfolio of production and exploration assets in Africa. The Company has two subsidiaries in Zimbabwe: Falcon Gold Zimbabwe Limited (84.7 per cent. owned) and Olympus Gold Mines Limited (100 per cent. owned); three joint ventures in Mali covering 17 prospective permits spanning approximately 2,600km² of the Birimian strata; and a 436km² licence in Botswana covering the extension of the Kraaipan greenstone belt from South Africa.