Empire makes board changes

Empire Resources has appointed major shareholder Michael Ruane as its chairman, one month after he sought a board spill at the gold miner.

The move comes as non-executive directors Chris Banasik and Brett Fraser both resigned, paving the way for Mr Ruane’s appointment, and Jeremy Atkinson as a non-executive director.

Mr Ruane, who holds an 8.81 per cent stake in the company, had called a meeting to remove Mr Banasik, Mr Fraser, along with managing director David Sargeant and director Lee Christensen.

Following today’s announcement, Mr Ruane has withdrawn the resolutions to remove the remaining board members.

“In light of these appointments the requisition notice under Section 249D of the Corporations Act received from Tyson Resources Pty Ltd and Kesli Chemicals Pty Ltd to remove the existing board of Directors will be withdrawn,” Empire said in a statement to the ASX.

“Following these appointments, and the withdrawal of the notice, the company will continue to address the company’s business strategy in the coming months.”

Mr Banasik and Mr Fraser were appointed to the Empire board in July, after a group of shareholders requisitioned a general meeting to replace Mr Christensen, Mr Sargeant and Adrian Jessup.

In 2016, Mr Ruane orchestrated a board spill at gold explorer Echo Resources and was a director during that year.

He is currently an executive director of potash explorer Reward Minerals, and has previously served as managing director of gold-focused Metaliko Resources and Intermin Resources.

Mr Atkinson has specialised in the construction of financial models for mining projects in Australia, Africa, Europe and South America over the past six years.

Shares in Empire were flat at 1.2 cents each at 2.50pm AEDT.