30th May 2014 16:17
LONDON (Alliance News) - Shares in African Eagle Resources PLC closed almost 17% higher Friday after it said it had appointed Nicholas Clarke as Chief Executive and Orikolade Karim as non-executive Chairman.
The company also said that Managing Director Robert McLearon is stepping down to assume the position of finance director with immediate effect.
African Eagle is a nickel exploration and development in Tanzania, which also has gold projects in Tanzania and copper projects in Zambia.
Karim, is also chief executive officer and controlling shareholder of Shoreline Energy International Ltd, a Nigerian conglomerate with interests in oil and gas, power, engineering, infrastructure and construction across sub-Saharan Africa.
Clarke has more than thirty years' experience in natural resources and related industries, African Eagle said.
In a statement last month, African Eagle said that Nick Clarke's Salkeld Investments Ltd sold a 16.8% stake in the company on the same day he acquired a 26.18% stake from three resigning non-executive directors to a company bossed by Karim.
According to African Eagle Resources, Clarke sold the 10.00% stake to Shoreline Energy International Ltd at 0.225 pence a share, the same price at which he acquired his shareholding.
Clarke's Salkeld Investments purchased substantially all of the African Eagle subsidiaries' assets and liabilities in August 2013. Clarke now holds a 10.00% stake in the company, while Shoreline Energy International now holds a 16.18% stake.
Earlier this week, the company said that it was set to appoint Clarke and Karim to its board following the resignations of Julian McIntyre and Venkat Siva.
"Given that the board comprises only three directors it has been decided that until such point as further non-executive directors are appointed the Audit and Remuneration Committees will comprise all three directors," the company said in a statement Friday.
Shares in the company Friday closed 16.7% higher at 0.315 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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