Ramelius Resources Limited (ASX:RMS) will now occupy a majority position on Musgrave Minerals Ltd’s Board of Directors, following its recent takeover bid in which it took a controlling interest above 50.1% of Musgrave’s issued share capital.
Three Musgrave directors have resigned effective immediately, while Ramelius put its own three representative directors in place to manage the company’s controlling, majority interest.
Musgrave will retain non-executive chairman Graham Ascough and managing director Rob Waugh with this pair to manage the interests of minority Musgrave shareholders until Ramelius reaches compulsory acquisition.
Outgoing directors include Kelly Ross, John Percival and Brett Lambert.
The new board
Ramelius will put in place the following executives.
Mark Zeptner as non-executive director. Zeptner is a mining engineer and is the managing director of Ramelius Resources. He has more than 30 years of experience including senior operational and management positions with WMC and Gold Fields Limited at their gold and nickel assets in Australia and offshore.
Zeptner joined Ramelius as chief operating officer in March 2012 and became CEO in June 2014 and managing director in July 2015.
Tim Manners will take up a non-executive director role and will utilise his 25-plus years of experience in accounting, corporate finance and financial management functions in the resources industry. Manners has been involved in exploration, developing and producing companies both in Australia and overseas.
Manners has held senior financial positions with Gold Road Resources, Phoenix Gold, Bathurst Resources and Perilya. He joined Ramelius in July 2017 and is a Fellow of the Institute of Chartered Accountants in Australia and New Zealand.
Alan Thom will also take up a non-executive director position. The mining engineer veteran also has experience as a senior manager and executive and director of resource projects from concept through to bankable feasibility, development and operation.
Thom has extensive experience as a director of resource companies on both the ASX and AIM exchanges gaining valuable experience in acquisitions, operations, business development and financing.
Richard Jones will join Ramelius as joint company secretary. He has been with Ramelius since October 2018 and has more than 20 years of experience as a corporate commercial lawyer in both private and in-house capacities and across various industries. He has also served as company secretary for ASX-listed and unlisted companies in the mining sector.
Musgrave shareholders are reminded to return offer acceptance forms at 7pm EST on Friday, September 15, 2023.