Sirius Minerals Plc (SRUXY: OTC Link) | Internal Board Restructure

Internal Board Restructure

Nov 21, 2011

OTC Disclosure News Service

London, United Kingdom –

21 November 2011

 

Sirius Minerals Plc

 

(“Sirius” or the “Company”)

 

Internal Board Restructure

 

Russell Scrimshaw to become Chairman; and Chris Catlow to replace Richard Poulden as Deputy Chairman.

The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY), the globally diversified potash development group, wish to announce an internal restructuring of the current roles of certain directors of the Company.

 

Mr. Chris Catlow, who has been Chairman of the Company since 6 April 2010, has requested that he step back from the Chairman’s role for personal reasons that restrict his ability to commit the increasing amount of time and travel required of the role of Chairman for Sirius over the next very important period in the Company’s development.  He has been instrumental in defining the Company’s strategy and in particular for merging York Potash into Sirius in January 2011. 

 

Current Sirius Board Non-Executive Director, Mr. Russell Scrimshaw, at the invitation of the Board, has agreed to become Chairman of the Board of Sirius, effective immediately.

 

Mr. Catlow remains committed to the success of Sirius and, at the Board’s request, has accepted the role of Deputy Chairman of the Board and the pre-existing Deputy Chairman Mr. Richard Poulden, has agreed to step back to a Non-Executive Director role.  The Company wishes to thank Mr. Poulden for his significant contribution as Deputy Chairman.

 

There are no Board Committee changes as a result of these changes.

 

Chris Catlow, Deputy Chairman of Sirius Minerals said:

 

“I am delighted that Russell has accepted the Chairmanship baton for this next leg in the evolution of the Company. I look forward to continuing  as a board member and working with Russell, Chris and the Sirius team as we develop the Company further. The Company has a very exciting future.”

 

Mr. Scrimshaw and Mr. Catlow have worked closely together since 2003, first in the outstanding international success of Australian iron ore producer Fortescue Metals Group Ltd (“FMG”) and over the last year with Sirius.

 

Mr. Scrimshaw, who was appointed to the Board of Sirius on 20 December 2010, was a Board Director of the restructured FMG in 2003, and was Deputy CEO until his recent retirement from the company in the third quarter of 2011.  He had broad senior executive and board level experience in the banking and technology industries throughout his career before joining FMG.  More specifically, he is particularly experienced at large-scale financing, corporate structuring and project development.  Mr. Scrimshaw also has had extensive commercial experience in China and other major Asian countries over the last decade.

 

Russell Scrimshaw, Chairman of Sirius Minerals said:

 

“This appointment as Chairman of Sirius is a tremendous personal honour. 

 

“The challenge of helping to grow Sirius into a major player in the global potash industry is very exciting.  Not only is the York Potash Project a massive one by both UK and world mining standards, but it is a project that is critical for global food supply in the decades to come.  Our shareholders have shown enormous support for our CEO Chris Fraser, his management team, and the Board of Sirius.  I want to assure all shareholders that we are focussed on Sirius becoming ‘The New Potash Powerhouse’.”

 

Chris Fraser, Managing Director and CEO of Sirius said:

 

“Chris Catlow has made and will continue to make an outstanding contribution to the development of Sirius into one of the world’s most important potash suppliers.  I am very pleased he will continue to provide his vision and active support for the Company in the important role of Deputy Chairman.

 

“This restructuring of the responsibilities of the key senior non-executive board positions perfectly aligns the capabilities and available commitment of those directors.  Russell will bring tremendous experience and energy to the increasingly demanding role of Chairman of Sirius.”

 

For further information, please contact:

 

 

 


   
    
    About Sirius Minerals Plc

Sirius Minerals is a globally diversified potash development company. Its primary focus is to bring on stream major potash mining facilities through the acquisition and development of projects overlying recognised potash deposits.  Today it holds properties in the United Kingdom (North Yorkshire), the United States (North Dakota), and Australia (Queensland and Western Australia).

 

The Company is additionally progressing ongoing Innovation initiatives into the secondary uses of salt and potash beds for energy storage and carbon dioxide sequestration.

 

Incorporated in 2003, Sirius Minerals’ shares are traded on the London Stock Exchange’s AIM market.  Its shares are also traded in the United States on the OTCQX through the use of a sponsored ADR facility.  Further information on the Company can be found at www.siriusminerals.com.

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/SRUXY/news?id=38276

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