Kagara Limited (ASX: KZL – “Kagara” or “the Company”) today announced the first stage of a comprehensive restructure of its Board. Mr Kim Robinson will step down immediately as Non-Executive Chairman, but will remain on the Board as a Non-Executive Director. Mr Robinson was a founding Chairman of Kagara from its establishment and listing on the ASX in 1999 and has made an enormous contribution to the Company over the past decade. He has agreed to step down to expedite the process of renewing the composition and structure of the Board. Dr John (Shad) Linley will be interim Chairman until a permanent successor is appointed. Further changes to the composition of the Board will be announced in due course. The Company’s core executive team will be reduced to Geoff Day (Managing Director), Paul Warme (Chief Financial Officer), Evan Spencer (Chief Operating Officer) and Mark Hands (EGM Corporate and Company Secretary). Joe Treacy will remain on the Board and continue in the role of EGM Minerals and Business Development but will move to a part time status until the current restructure of the Company is complete. The Board believes this core team has the experience and capability to lead Kagara through this challenging period and to reposition the Company to secure the value of its core assets and be in a position to reactivate its growth strategy as global conditions improve, as anticipated. The Company also recently announced a significant restructure of its North Queensland base metal operations in response to current market conditions.
KZL Price at posting:
20.0¢ Sentiment: LT Buy Disclosure: Held
