African Consolidated Resources Plc : Board Changes and Director Dealings
African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector:
18 January 2013
African Consolidated Resources plc ('ACR' or 'the Company')
Board Changes and Director Dealings
African Consolidated Resources plc, the AIM listed resource and development
company focused in Southern Africa, is pleased to announce the board
appointment of Mr. Craig Hutton as Chief Executive Officer with immediate
effect. Mr. Hutton replaces Mr. Andrew Cranswick as Chief Executive Officer
of the Company, who is stepping down from his position in order to concentrate
on his other business interests. Mr. Julian Emery, Non-executive Director, has
also resigned from the Board of ACR in order to pursue other business
interests, effective immediately.
Craig Hutton, who holds an MBA from Henley Business School (UK) and a Bachelor
of Commerce and Higher Diploma in Economic Geology, has over 25 years'
experience in the mining sector having worked for major production companies
such as Anglo American PLC, Placer Dome Inc. and Harmony Gold Mining Company.
During his career Mr. Hutton has developed skills sets in geology, resource
management and evaluation, financial valuation, project assessment, financial
management, project fund sourcing and management.
Mr. Hutton began his mining career with Anglo American PLC in 1988 and was
posted to the Free State Geduld Gold Mine in South Africa. During the course
of his career he has held numerous senior positions in geology, finance and
mineral economics. Key highlights include his appointment as a sectional
geologist at Harmony Gold Mine in 1994, progressing to become project finance
manager in 1997 and ore resource manager in 1999, before joining Anglo
American PLC as a mineral economist in 2006. Mr. Hutton became an independent
consultant in 2008 and subsequently advised Anglo American PLC, TransAfrika
Resources and Pan African Resources plc, playing a key role in the divestment
of Pan African Resources plc's Manica asset, which was successfully listed on
the Australian stock exchange in 2012.
Mr. Hutton worked as a consultant for ACR in 2012 and was instrumental in the
declaration of the major resource upgrade to 3.2 million ounces of gold at the
Pickstone-Peerless Gold Project in Zimbabwe. He was responsible for
identifying the open pit target which consists of 1.5 million open-pittable
ounces at 2.0g/t Au in addition to the underground potential of in excess of
1.7 million ounces at 4.0g/t Au. Mr. Hutton was also closely involved with
the development of the Preliminary Economic Assessment that was announced on 4
ACR Chairman, Roy Tucker, said, "I would like to take this opportunity to
thank Andrew for his enormous input into the development of ACR since its
inception and listing in 2006. Andrew has been hugely influential in the
growth of ACR's portfolio, and the identification of highly valuable assets
such as the Pickstone-Peerless Gold Project, the Gadzema Gold Project and the
Kasempa Copper Project. On behalf of the Board, I would like to wish Andrew
well in his future endeavours, and look forward to continuing a close
relationship as we move ACR into its next phase of growth. I would also like
to thank Julian for his contribution to the Company.
I welcome Craig to Board of ACR and look forward to his valuable contributions
to the Company.
Pursuant to Mr. Hutton's appointment as Chief Executive Officer, the Company
has awarded, on 18 January 2013, the following options and conditional options
over ordinary shares of 1p each in the capital of the Company ("Options") to
*2,000,000 Options, exercisable at any time until 31 December 2015;
*3,000,000 Options, exercisable at any time after 31 December 2013 until 31
December 2015, conditional upon his continued employment as a Director of
the Company to 31 December 2013; and
*3,000,000 Options, exercisable at any time following the commencement of
pouring gold from either the Pickstone or Peerless site and conditional
upon his continued employment as a Director of the Company at that time.
The above Options all have an exercise price of 5p each and no Option shall in
any event be exercisable on or after 31 December 2015 under any circumstances
Craig Michael Hutton, aged 44, currently holds the following directorships and
Brenthurst Capital Resources BG2
Smart Business Strategies Pty Ltd
High Rise Living CC
Craig Hutton was found negligent in relation to payment of child maintenance
costs in 2009 by the South African criminal court and ordered to pay cost of
ZAR35,000 pursuant to Section 31(1) of the Maintenance Act 99 of 1998. The
matter is currently subject to an appeal matter to the High Court in Cape
Town, South Africa. Craig Hutton has been advised by his advocate that the
magistrate has erred in law in making her decision and there is every prospect
of success on appeal.
Craig Hutton currently holds 1,900,000 ordinary shares in African Consolidated
There are no other matters which are required to be announced as required
under paragraph (g) of Schedule 2 of the AIM Rules.
For further information visit www.acrplc.com or please contact:
Roy Tucker African Consolidated Resources +44 (0) 1622
+44 (0) 7920
Andrew Godber Panmure Gordon (UK) Limited +44 (0) 207 886
Callum Stewart Panmure Gordon (UK) Limited +44 (0) 207 886
Susie Geliher St Brides Media & Finance Ltd +44 (0) 20 7236
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information contained therein.
Source: African Consolidated Resources Plc via Thomson Reuters ONE
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