Last checked at 28 Jun 2013 07:00
Praetorian Resources Limited
("Praetorian Resources" or the "Company")
Board Changes
Praetorian Resources (AIM: PRAE) announces that in light of the current challenging conditions in the junior resource sector , the Board has undertaken a review to identify means by which the central costs of the Company can be reduced. In this regard, Mr Andrew Ferguson and Mr Malcolm Burne have voluntarily agreed to resign from the Board for no compensation. Mr Burne will retain his position on the Company's advisory and execution team alongside Charles Cannon-Brookes.
Messrs Burne and Cannon-Brookes have each agreed to defer any future fees or personal entitlements due to them in order to minimise cash payments out of the Company until further notice. These deferred fees and entitlements will be accrued by Praetorian Resources and therefore will be reflected within the Company's NAV valuation. Furthermore the remaining directors have either reduced the level of their fees or deferred the payment of their fees until further notice. A further review of the cost of Praetorian's third party service providers will also be undertaken. These additional savings will be announced in the Company's forthcoming annual results for the period ended 31 March 2013.
Contact: For further information, please contact:-
Registered Office: 11 New Street, St Peter Port, Guernsey, GY1 2PF
END OF ANNOUNCEMENT
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