3rd Aug 2015 07:34
LONDON (Alliance News) - Shares in Ormonde Mining PLC were trading lower on Monday morning after the company reported the unexpected death of Managing Director Kerr Anderson.
"Kerr has been instrumental in leading the company over the past 14 years, from being a greenfield explorer to becoming a mining company, a feat realised by just a small fraction of exploration companies. His untimely death comes after his major recent achievement in leading the company as it arranged a funding package to facilitate development of the Barruecopardo project, a package which was recently approved overwhelmingly by shareholders," said Chairman Mike Donoghue.
Ormonde didn't say how Anderson died.
Steve Nicol, executive director and chief operating officer of the company, will become acting managing director on an interim basis.
Ormonde shares were down 12% on the news to 2.10 pence, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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