Western Australian-based copper explorer Tethyan Copper Company Ltd has recently appointed a new chief executive officer and other members to its board following the company’s successful takeover by UK-listed, Chilean-based copper producer, Antofagasta.
Antofagasta executive Eduardo Flores has been appointed, effective immediately, as Tethyan’s new chief executive officer.
The company also announced the appointment to the board of directors of Ramón Jara as chairman and Alejandro Rivera and Russell Stewart as directors.
Directors who have resigned from the Tethyan board include non-executive chairman David Humann, managing director David Moore and non-executive directors Peter Mansell and Brian Lynn.
Tethyan non-executive director Peter Wallace will remain on the board as an independent non-executive director, while Mr Lynn has resigned as company secretary and has been replaced by Ian Gregory.
In making the announcement of the appointment, the new board of Tethyan said it would like to extend its thanks to the outgoing board for its efforts in building Tethyan to its current position.
Antofagasta had been involved in a protracted takeover bid for Tethyan with Skafell, the takeover vehicle of Hong Kong asset management group, Crosby Capital Partners.
The Tethyan board has always maintained support for the Antofagasta bid.
Meanwhile, West Perth-based nickel miner Mincor Resources NL has completed the sale of its residual interest in Tethyan to Antofagasta, receiving a cash payment of $15.7 million in return for the transfer to Antofagasta of almost 12.6 million options in Tethyan.
The sale value reflects the strike price of the options (15 cents) subtracted from the Antofagasta bid price of $1.40.
Settlement of the transaction follows the successful completion of Antofagasta’s recommended $1.40 cash takeover bid for Tethyan, which closed on Friday April 28.
Tethyan is a former Mincor subsidiary that was spun-out in an initial public offering at a listing price of 30 cents in late 2003.
All Mincor's shares in Tethyan were distributed to Mincor's shareholders at that time. However Mincor retained approximately 12.6 million options, as these were too few to distribute to shareholders on a pro rata basis. It is these options that have now been sold. Earlier this week, Tethyan closed at $1.39.
