Welborn appointed Prairie Downs MD

Some six months after terminating the services of former managing director Mark Hansen, Prairie Downs Metals has today appointed rugby union stalwart John Welborn to the role.

Prairie said today that it considers Mr Welborn's unique skill set and business management background will provide it with a "safe pair of hands" in the current economic environment.

Mr Welborn is a chartered accountant and was formerly the head of specialised lending in WA for Investec Bank (Australia).

Mr Welborn is also a director of RugbyWA, the Rugby Union Players Association and the Force 15 Foundation.

Subject to shareholder approve, the new managing director will be issued with 4 million options exercisable at 10 cents each and expiring five years after issue.

In August last year, Prairie announced that it had ended an executive services agreement with Market Capital, which provided the services of Mr Hansen.

No reason was given as to why the agreement was terminated.

Meantime in a separate announcement, Mr Hansen revealed he had sold 770,718 Prairie Downs shares, netting $55,958.