Business
Jan Nelson appointed CEO & board changes
Jan Nelson appointed CEO & board changes.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6702F Xtract Energy plc 28 May 2013 \n \n\n28 May 2013\n \nXTRACT ENERGY PLC\n(\"Xtract\" or the \"Company\")\n \n \nJan Nelson appointed as Chief Executive Officer\nand other Board changes\n \nThe Board of Xtract (AIM: XTR) is pleased to announce the appointment of Jan Nelson as Chief Executive Officer of the Company who will join the board with immediate effect. \n \nJan brings over 15 years' experience in the mining industry more recently as CEO of Pan African Resources PLC where he was responsible for transforming the company from an exploration vehicle with little cash resources to a 200,000oz per annum low cost, high grade precious metals dividend paying mining company. Prior to this Jan held positions in mine management and operations with Harmony Gold Mining Company Limited and Gold Fields Limited. \n \nFollowing Jan Nelson's appointment, the board intends to develop a new strategy for the Company, focused on precious and base metals, which will be presented to shareholders in the coming months.\n \nPeter Moir's position with the Company will change from Chief Executive Officer to Executive Director with immediate effect.\n \nAt the same time Raju Samtani has resigned as a Director with immediate effect to focus on his other business interests.\nOn appointment Jan Nelson has been granted options as set out below:\n \n\n\n\n\nNo. of Options\n\n\nExercise price\n\n\nCommencement of exercise period\n\n\nExpiry of exercise period\n\n\n\n\n12.5 million\n\n\n0.14 pence\n\n\n1st January 2014\n\n\n27th May 2020\n\n\n\n\n12.5 million\n\n\n0.14 pence\n\n\n1st July 2014\n\n\n27th May 2020\n\n\n\n\n \nThe Company has also conditionally granted Jan Nelson a further option over a further 25.0 million ordinary shares in the Company. Those options are conditional upon the completion on or before 30th June 2014 of an acquisition by the Company (or by a subsidiary of the Company) of a company or assets where the aggregate consideration (or, if the consideration is to be paid in more than one tranche, the maximum consideration) is £1.0 million or more, irrespective of whether such consideration is satisfied wholly in cash, wholly by the issue of ordinary shares in the Company, or partly in cash and partly by the issue of ordinary shares in the Compa...