With Metallica managing director Andrew Gillies resigning from the MetroCoal board after the exit transaction, MetroCoal has announced Philip Hennessy as director.
Hennessy is a 30-year veteran who has been involved in all aspects of corporate financing and company reconstruction, mining, manufacturing, professional services, agriculture and financial services.
“Mr Hennessy’s knowledge and experience will assist the company in driving good governance, cohesive and effective collaboration, effective processes and communicating with shareholders and stakeholders,” MetroCoal said.
The sale of Metallica’s shares in MetroCoal provided an entry for new shareholders, so MetroCoal announced new investors.
They are Balanced Property (19.9%), Gregory Williams (9%), Prima Group Holdings, which is associated with chairman Stephen Everett (1.1%) and Gamore, which is associated with Hennessy (0.75%).
“The new shareholders are committed to resource development and strongly support MetroCoal’s strategy to develop Bauxite Hills in the near term while waiting for the coal market recovery,” MetroCoal said.
MetroCoal remains in a strong cash position with approximately $6.5 million cash at bank as at June 30, 2014 and “looks forward to assisting Cape Alumina in developing Bauxite Hills”