Poseidon flags board changes

Poseidon Nickel has announced the resignations of long-time board members David Singleton and Chris Indermaur, with their replacements coming from major shareholders Black Mountain Metal and Squadron Resources.

Non-executive director Mr Singleton and non-executive chairman Mr Indermaur will resign today, with Geoff Brayshaw appointed as interim chairman.

Mr Singleton served as Poseidon's managing director from 2007 until 2016, before taking over as chief executive of ship builder Austal.

Mr Indermaur joined the board in 2009 and was appointed chairman in 2014.

“This is an opportune time to pass the company over to a new board with the company in excellent condition having a very healthy balance sheet, great assets and a rising nickel price,” Mr Indermaur said.

Mr Brayshaw thanked the pair for their service.

“Chris and David have been a key part of the Poseidon team since its inception in 2007 and have provided the foresight and guidance to bring the company to the strong position it is now in,” he said.

“During the past 10 years their leadership and strategic guidance has enabled Poseidon to add the key assets of Lake Johnston and Black Swan to its current portfolio, assets which now provide a transformational platform for future growth.

“Chris and David have worked tirelessly during that time and the company owes a great deal of gratitude for this commitment. I wish them well in the future.”

Minderoo Group chief operation officer Felicity Gooding has been appointed as Squadron’s nominee, while Karl Paganin was appointed on behalf of Black Mountain.

Mr Paganin currently serves as a director of Perth-based Aqura Technologies, ASX-listed Southern Cross Electrical Engineering and diversified outfit Veris. 

Black Mountain has recently joined Minderoo as a major shareholder in Poseidon.

Shares in Poseidon finished flat at 5.3 cents each today.