Kenmare Resources : Director Appointment

Kenmare Resources plc ("Kenmare" or "the Company")

 

27 July 2015

 

Director Appointment

 

Steven McTiernan, Chairman of Kenmare Resources plc, is pleased to announce that John Ensall has agreed to join the Board of Kenmare as a Non-Executive Director with immediate effect. Mr. Ensall is expected to perform the role of the Lender Approved Non-Executive Director for the purposes of the amendment to the Group's financing agreed with its lenders on 29 April 2015 and to chair the Board's Strategic Options Committee.  The remit of the committee is broadly (a) to oversee the development and evaluation of strategic options available to the Company (including by M&A transaction or similar (including the possible acquisition by Iluka Resources Limited of the Company), asset disposal, financial/operational restructuring, equity raise or other equity or debt financing or other similar strategic option, and any significant capital expenditure programme); and (b) to oversee the negotiation/execution of, and ongoing monitoring of/compliance with, any proposed restructuring of the Kenmare Group's debt obligations. 

 

John Ensall has over 20 years' experience in refinancing, transforming and developing businesses across a wide range of sectors. Mr. Ensall began his career in Corporate Finance for Coopers & Lybrand Deloitte before a number of chief executive positions at Clares Group, Food Brokers Ltd and Addis Group. He has since focused on turnaround situations including Public Safety Equipment Group (2009-11), Radius Systems (2011-12) and more recently Findus Group in 2012. Mr. Ensall received his undergraduate degree in Engineering from the University of Leicester and has an MBA from City University Business School. 

 

Steven McTiernan, Chairman, said "I would like to welcome John to the Board of Kenmare. He brings a wealth of experience which will add to the Board's collective knowledge."

 

 

Kenmare Resources plc

Michael Carvill, Managing Director

Tel: [phone]

Mob: + 353 87 674 0110

 

Tony McCluskey, Financial Director

Tel: [phone]

Mob: + 353 87 674 0346

 

Jeremy Dibb, Corporate Development and Investor Relations Manager

Tel: [phone]

Mob: + 353 87 943 0367

 

Murray Consultants

Joe Heron

Tel: [phone]

Mob: [phone]

 

Buchanan

Bobby Morse / Gordon Poole

Tel: [phone]

 

The Directors of Kenmare accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

 

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. The distribution of this announcement in jurisdictions outside Ireland or the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction. 

 

A person interested in 1% or more of any class of relevant securities of Kenmare or Iluka may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules, effective from 26 June 2014, the date of the commencement of the offer period for Kenmare under the Irish Takeover Rules.

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Source: Kenmare Resources via Globenewswire

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