21st Oct 2013 10:29
LONDON (Alliance News) - Anglo Pacific Group PLC Monday said it has appointed Julian Treger to step in as its new chief executive and Mark Potter to take on the role of chief investment officer.
The duo will replace John Theobald and Chris Orchard, who are also set to retire from the company's board.
Anglo Pacific, which acquires and invests in natural resources projects at the development and production stage, said it recruited Treger and Potter from Audley Capital Advisors LLP.
"This is an opportunity to create a leading international mining royalty investment company with a focus on yield and return, and comes at an opportune time given the expected recovery in commodity prices over the medium and long-term. The existing portfolio provides a solid asset base on which to grow royalty and dividend income to the benefit of Anglo Pacific shareholders," Julian Treger, incoming Chief Executive, said in a statement.
Anglo Pacific also said it has issued 1.3 million new shares at a price of 195 pence per share. A trust of which Julian Treger is a beneficiary has subscribed for 897,435 of the shares, while a private investment company in which Treger has a 44.3% shareholding has subscribed for 333,333 shares. Potter has subscribed for 51,281 shares in the issue.
At present, neither Treger nor Potter has a beneficial interest in any of the company's shares.
Anglo Pacific shares were Monday quoted up 3.8% at 202.75 pence.
By Samuel Agini; [email protected]; @samuelagini
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