Avoca Resources has appointed three of its board members, including managing director Rohan Williams, to the board of 44.85 per cent owned company, Dioro Exploration.
The announcement is below:
Kalgoorlie-district gold producers Avoca Resources Limited (Avoca) (ASX:AVO) and Dioro Exploration NL (Dioro) (ASX/TSX:DIO) are pleased to announce that Avoca directors Messrs Robert Reynolds, Rohan Williams, and Jan Castro have today been appointed as non-executive directors of Dioro.
Messrs Reynolds, Williams, and Castro respectively hold the positions of non-executive Chairman, Managing Director and non-executive director of Avoca. Mr Castro is also Managing Director of Avoca's major shareholder, Pala Investments AG.
Avoca acquired a 44.85% interest in Dioro at the close of its recent takeover offer for Dioro and stated in its bidder's statements and previous announcements that it intended (as Dioro's largest shareholder) to take an active interest in the development of Dioro and its assets. This included seeking representation on the Dioro board.
Today's appointments bring the total number of Dioro directors to seven, three of whom have been nominated by Avoca inline with their major shareholding.
Avoca Chairman, Mr Robert Reynolds said that Avoca is pleased with the new appointments, which reflect Avoca's 45% shareholding in Dioro.
"We would like to thank the incumbent Dioro board for acknowledging Avoca's major shareholding by making these board appointments," Mr Reynolds said.
"We look forward to building a closer strategic relationship with Dioro to maximise value for shareholders."