JOHANNESBURG (miningweekly.com) – The top management of Central African Mining & Exploration Company (Camec) have resigned, after the proposed takeover offer by Eurasian Natural Resources Corporation (ENRC) became unconditional.
ENRC had announced on Tuesday that it now owned or had received valid acceptances in respect of 91,65% of the entire issued share capital of Camec, making its £584-million cash offer unconditional.
Camec chairperson Phillippe Edmonds and CEO Andrew Groves have, subsequently, resigned from their posts, while MD John Anthony has resigned as a nonexecutive director.
James Cochrane has now been appointed as chairperson, while Beat Ehrensberger and Zaure Zaurbekova have been appointed as directors of the board, with immediate effect.
All three of the new board members were serving on the boards of ENRC group subsidiaries, including ENRC Africa and ENRC France.
Edited by: Mariaan Webb
Creamer Media Senior Researcher and Deputy Editor Online
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