Board Changes

RNS Number : 4332F

Beowulf Mining PLC

07 November 2022

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

7 November 2022

Beowulf Mining plc

("Beowulf" or the "Company")

Board Changes

Beowulf (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces that Sven Otto Littorin today steps down as Non-Executive Chairman of the Company. The Board is grateful for Mr Littorin's hard work and efforts since his appointment in November 2020 and wishes him well for the future. The Company is pleased to announce that Mr Johan Röstin is appointed to the Board as Non-Executive Chairman of the Company, effective immediately.

Mr Röstin was the CEO of ferry operator ForSea for three years, 2017-2020, and before that the CEO of Copenhagen Malmo Port AB, 2009-2017.  He has significant experience in infrastructure, logistics, capital investments and permitting processes, and has held Board, executive and senior management positions during his career.  In his role at ForSea, Mr Röstin led the company to create a new brand, a stronger organisation and set the company on its sustainability journey.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"Following the award of the Kallak North Exploitation Concession and the appointment of Ulla Sandborgh as CEO of Jokkmokk Iron, I am very pleased to welcome Johan Röstin as Beowulf's new Chairman and, on behalf of the Board, I would like to express my thanks to Sven Otto Littorin for his valued counsel and support over the last two years.

"Johan's knowledge and experience will be of significant benefit to the Company and support for Ulla, as the Company progresses with project development studies, permitting, and attracting finance for the Kallak project, positioning Kallak as a future source of secure and sustainably produced high grade iron ore for fossil-free steelmakers in the region.

"Mr Röstin has built his career on setting and working towards long term goals in a structured and orderly manner and aligned with corporate strategy. He is results oriented and has a track record of delivering the same.  I am very much looking forward to working with him as we advance Beowulf's three business areas, Jokkmokk Iron, Grafintec and Vardar, and driving shareholder value creation."

Johan Röstin, Beowulf's Chairman Designate, commented:

"I am very pleased to join Beowulf Mining plc as Chairman of the Board.

"Being part of and working with market-driven development in a company with clear ambitions regarding mining innovation and fossil-free enterprise is particularly stimulating.

"In addition, I get to continue to pursue issues of which I am passionate, sustainability and the circular economy, where both social and environmental responsibility are self-evident parts of the Beowulf's entrepreneurial stance and its contribution to society, both in Jokkmokk and the other locations where the Company operates in Europe."

Mr Johan Axel Mogens Röstin, aged 60, currently holds or has held the following directorships and partnerships in the last five years:

Current directorships/partnerships	Previous directorships
Holistic Push AB	ForSea Helsingborg AB
Velove Bikes AB	ForSea Helsingør ApS
Wihlborgs Fastigheter AB	ForSea Management A/S
	ForSea Management I/S
	ForSea Öresund AB
	ForSea Sverige AB
	Ideella föreningen Gröna Städer med firma Gröna Städer Marknad
	Sjöfartens Arbetsgivareförbund AB
	Transportföretagen TF AB

Mr Röstin holds no ordinary shares or options in the Company.

Other than as provided in this announcement, no other disclosures in relation to Mr Röstin are required under Rule 17 and schedule 2 (g) of the AIM Rules for Companies.

Enquiries:

Beowulf Mining plc
Kurt Budge, Chief Executive Officer	Tel: [phone]
SP Angel (Nominated Adviser & Broker)
Ewan Leggat / Stuart Gledhill / Adam Cowl	Tel: [phone]
BlytheRay
Tim Blythe / Megan Ray	Tel: [phone]

 

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