Tri-Star Resources PLC – Board Changes, Share Options, Issue of Equity
Tri-Star (AIM: TSTR) the mining and minerals processing company, announces that Karen O’Mahony, Acting Chief Executive Officer and Chief Financial Officer of the Company since March 2018, will be stepping down from her role on 30 April 2019. Karen will be replaced by David Facey who will be appointed as Chief Executive Officer and Chief Financial Officer of the Company on the same date.
In order to ensure a smooth transition and the continuity of Tri-Star’s strategy, Karen O’Mahony will remain as a special adviser to the Company and will also continue as a director of Strategic & Precious Metals Processing LLC (“SPMP”), the Omani company in which Tri-Star has a 40% equity interest.
In addition, Mark Wellesley-Wood is stepping down as a Director and Non-Executive Chairman of the Company with immediate effect. Adrian Collins, who has been an independent Non-Executive Director of Tri-Star since August 2010, replaces him as Non-Executive Chairman.
Mr David Alan Facey, aged 56, is a Fellow of the Institute of Chartered Accountants of England and Wales and has over 20 years’ experience in corporate finance and equity capital markets. He is currently the Finance Director of BlueRock Diamonds plc, an AIM listed diamond producer.
Adrian Collins, Non-Executive Chairman of Tri-Star, commented:
“We would like to thank Mark Wellesley-Wood for his continued commitment and the experience he has brought to Tri-Star during his 5 years as Chairman of the Board and his contribution to the SPMP project.
“We would also like to thank Karen O’Mahony for her significant contribution to the restructuring of Tri-Star as acting CEO. She assumed the role of acting CEO just over a year ago. During this time, she led the Company to conduct a successful equity raising to fund our share of the completion of the SPMP Roaster Project; then successfully disposed of our non-core asset in Turkey; and most recently played a central role in SPMP securing a shareholder loan with no dilution to Tri Star shareholders. I am pleased that she has agreed to remain on the Board of SPMP and continue to support and add further value to Tri-Star’s position in Oman.
“We would also like to welcome David Facey as CEO. He has undertaken many complex global transactions advising government, public and private companies of all sizes and will no doubt use that experience in his new role.
“The past few years have been challenging for the Company and we are grateful to the continued support of our shareholders. We anticipate reorganisation alongside these board changes will enable a substantial reduction in the annual running costs of the Company.
“The key to this investment now lies with Steven Din and the operational team in Sohar as we explore a stock exchange listing of SPMP. We have every confidence in his ability to deliver the full production of this plant.”
Karen O’Mahony, commented:
“Tri-Star is now in ideal shape to deliver maximum see through value for all shareholders to SPMP.
“The Board and I are satisfied that we have achieved the goal of restructuring the Company. The key focus now is on SPMP and I look forward to continuing close collaboration with the Company as a board member of SPMP and special advisor to Tri-Star. I would also like to personally thank Mark Wellesley-Wood for his hard work and commitment both to Tri-Star and the SPMP project. His wisdom and experience have been a steady force during this transition.”