19 Sep 2019 17:52
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
19 September 2019
Appointment of new Chief Executive Officer and Chairman of the Board
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company", and together with its subsidiaries, the "Group"), is pleased to announce the appointment of Mr Gati Al-Jebouri as Chief Executive Officer and Chairman of the Board. The following changes have also occurred with immediate effect: David Linsley has resigned from his directorship and position as Chief Executive Officer; and Francis 'Frank' McAllister steps down as Non-Executive Chairman and remains as a Non-Executive Director.
Mr Al-Jebouri has 30 years of international operations and trading experience in the natural resources sector. He has been a non-executive director of Pembridge since 28th September 2017 and joins from LUKOIL where he was Managing Director of their 400,000 barrel per day Middle East Upstream operations. Prior to that Mr Al-Jebouri was CFO and latterly CEO of LITASCO (LUKOIL International Trading and Supply Company). Prior to Lukoil, Mr Al-Jebouri was Deputy Minister of Energy for Bulgaria and Bulgaria's First Deputy Minister of Finance. He has a Civil Engineering degree from the University of Bristol and is a Chartered Accountant.
Frank McAllister, Outgoing Non-Executive Chairman of Pembridge stated:
"David created Pembridge as a Special Purpose Acquisition Company two years ago and, together with his team around him, has been a driving force in closing the Minto transaction. We are grateful for his tireless energy and vision. As Pembridge grows from a SPAC into an operating company, David has decided that it is in the best interests of Pembridge to resign so the business can move forward under a new operations-focused leadership. We welcome Gati's significant leadership and operational experience, which will be a great asset to this exciting new chapter of Pembridge."
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge stated:
"I believe in the potential of Pembridge and look forward to working with our partners Copper Holdings, Cedro Holdings and the Selkirk First Nations, as well as the team at the Minto mine and my Board to make a success of the Minto operations and grow this company into a significant investor within the mining sector.
I would like to extend my thanks to existing investors for their patience and continuing support. My key priorities now are to have the Minto mine operational as quickly as possible, and complete Pembridge's relisting on the London Stock Exchange."
ENDS
The person who arranged for the release of this announcement on behalf of the Company was Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board.
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company admitted to listing on the standard segment of the Official List of the FCA and to trading on the main market for listed securities of the LSE. Minto Explorations Ltd, a subsidiary of Pembridge, is a British Columbia incorporated business operating the Minto mine in Yukon, Canada.
About Minto Explorations Limited
Minto operates the underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway. In excess of US$350 million of capital expenditure has been invested into Minto operations since site construction began in 2006. The Minto mine was in continuous production between 2007 and 2018, when the mine was placed onto temporary care and maintenance. Pembridge acquired Minto from Capstone Mining Corp in June 2019.
Enquiries:
Pembridge Resources plc: +44 (0)20 7917 2968
Gati Al-Jebouri, Chief Executive Officer
Paul Fenby, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
SI Capital - United Kingdom: +44 (0)14 8341 3500
Nick Emerson
Tavistock Communications - United Kingdom: +44 (0)20 7920 3150
Charles Vivian
Gareth Tredway