Aztec Resources Ltd has announced the appointment of a new chairman and additional directors as well as the stepping down of Ian Burston from his role as chairman.
Aztec non executive director Michael Arnett has been appointed to non executive chairman, while Luke Tonkin, Alan Rule and Craig Readhead have been appointed as non executive directors.
All the appointments are effective immediately.
Dr Burston will remain on the Aztec Board as a non executive director.
Mt Gibson has invited Dr Burston and managing director Peter Bilbe on to its board as non-executive directors should Mt Gibson receive 90 per cent or greater acceptances to its offer.
The expanded Aztec Board now comprises of seven directors and it is intended this structure will remain in place during the period prior to Mt Gibson's takeover offer closing.
Last month, Aztec Resources agreed to recommend acceptance of Mount Gibson's offer for all the ordinary shares in Aztec.
Below is the full announcement:
Appointment of New Chairman and Additional Directors
Further to the announcement made by Aztec Resources Limited ("Aztec" ASX: AZR) on 28 November 2006 about the Aztec Board's revised recommendation in relation to Mount Gibson Iron Limited's ("Mt Gibson" ASX: MGX) takeover offer, the Directors of Aztec are pleased to announce the appointment of Mr Luke Tonkin, Mr Alan Rule and Mr Craig Readhead as non executive directors of Aztec, effective immediately.
The Directors of Aztec also wish to publicly acknowledge the great contribution Ian Burston has made to the success of Aztec to date in his role as Executive Chairman and more recently as Non Executive Chairman. Dr Burston is stepping down as Chairman today but will remain on the Aztec Board as a non executive director.
Mr Michael Arnett, an independent Aztec non executive director since 20 April 2004, has been appointed the new Non Executive Chairman of Aztec with immediate effect.
The expanded Aztec Board now comprises of seven directors and it is intended this structure will remain in place during the period prior to Mt Gibson's takeover offer closing. In addition, should Mt Gibson receive 90% or greater acceptances to its offer, it has been agreed with Mt Gibson that Dr Burston and Aztec's Managing Director Peter Bilbe will be invited to join the Mount Gibson Board of Directors.