Last checked at 30 May 2018 07:00
30 May 2018
Kore Potash plc
("Kore Potash" or the "Company")
Appointment of CEO
Kore Potash plc, the potash development company whose flagship asset is the 97%-owned Sintoukola Potash Project ("Kola" or the "Project"), is pleased to announce the appointment of Mr Stuart Bradley ("Brad") Sampson, aged 52, as Chief Executive Officer ("CEO") and director, effective from 4 June 2018.
Brad, a mining engineer, has more than 25 years' resources industry experience across numerous locations including West and Southern Africa. In addition to significant mine development and operating experience, Brad has held leadership positions at several publicly listed companies.
Brad was most recently CEO of Australian Securities Exchange ("ASX") listed Tiger Resources Limited, a copper producer in the Democratic Republic of the Congo which in January 2018 entered into a binding agreement to sell its assets to a Chinese group for US$250m. Prior to this, Brad held senior positions at Newcrest Mining Ltd, one of the world's largest gold mining companies, including General Manager of Newcrest's West African operations. From 2008 to 2013, Brad was the CEO of AIM/ASX listed Discovery Metals Ltd, where he was hired to lead the project financing, construction and subsequent production of the Company's flagship copper asset in Botswana. Other notable positions include General Manager at Goldfields' operations in South Africa and Australia.
The outgoing CEO, Sean Bennett, will step down on 4 June 2018. As disclosed in the Company's recent AIM admission document, Sean will remain available to the Company to support the financing developments.
David Hathorn, Non-executive Chairman, said: "I am very pleased to announce the appointment of Brad Sampson as the new CEO. He is a highly experienced mining engineer and CEO who has spent over a decade of his career building and managing projects on the African continent. His appointment reflects the next chapter for Kore Potash as we approach the financing and project construction stages.
On behalf of the board, I would like to thank Sean for his significant contribution and, in particular, for his role in raising the capital required for the Definitive Feasibility Study, and in leading the Company in its redomicile and listings on AIM and the JSE. Sean joined in 2015 and leaves the business in a very strong position to deliver the Sintoukola Potash Project."
There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.
Stuart Bradley Sampson
Current Directorships Previous Directorships
Chairman - Agrimin Ltd (AMN:ASX) Managing Director - Tiger Resources (TGS:ASX)
Managing Director - Discovery Metals (DML: AIM/ASX)
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
ENDS
For further information, please visit www.korepotash.com or contact:
Kore Potash David Hathorn
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| Tel: +27 11 469 9140
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Tavistock Communications Jos Simson Edward Lee
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| Tel: +44 (0) 20 7920 3150
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Canaccord Genuity - Nomad and Broker Martin Davison James Asensio
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| Tel: +44 (0) 20 7523 4600
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Mr Bradley Sampson
Key Terms and Conditions of Employment
Commencement Date | Effective from 4 June 2018 |
Term | Appointment on an on-going basis subject to termination by either party (see termination and notice below) |
Fixed remuneration | US$550,000 inclusive of any director fees and compulsory contributions, subject to annual review by the Remuneration Committee, the first such review to take place in the first calendar quarter of each year |
Incentive Arrangements |
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Project Financing Completion bonus | Eligible to receive a cash bonus of US$550,000 upon securing project financing for the Kola Project ("Project Financing Completion") |
Annual Bonus | Following Project Financing Completion, eligible to receive an annual bonus of up to 100% of salary as determined by the Board |
Long Term Bonus | Eligible to receive 17,200,000 Options under the Directors and Executives 2018 Share Option Plan which will vest upon certain milestones being achieved in relation to the Kola Project |
Termination and Notice | Termination by either party can be made with 6 months' notice (or payment in lieu), other than where employment is terminated for gross misconduct or other material breach, in which case the Company may terminate with no notice period. |
Post-employment Restrictions | Restricted from competing with the business for a period of six months and soliciting personnel, customers, prospective customers and suppliers for a period of 12 months post-termination (less any period of garden leave) |