REG - Chesterfield Res PLC - Directorate Change

Chesterfield ResourcesAnnouncement

20/03/2024 09:30

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RNS Number : 6001H  Chesterfield Resources PLC  20 March 2024

Chesterfield Resources PLC / EPIC: CHF / Market: LSE / Sector: Mining

 

 

 

20 March 2024

 

 

 

CHESTERFIELD RESOURCES PLC

("Chesterfield" or the "Company")

 

 

Board Changes and Grant of Options

 

Chesterfield Resources plc is pleased to announce the following changes to its
management and Board.

 

Kashif Afzal has become Executive Chairman with immediate effect, replacing
Paul Ensor in this role who will become non-executive Director. Ajay Kejriwal
will also cease to hold an executive position, but will remain on the Board as
non-executive Director and will continue as a non-executive CFO. David Cliff
has resigned from his position as non-executive Director with immediate
effect.

 

The changes are to prepare the Company to be best placed to exploit its
existing assets as well as review additional opportunities as they arise.

 

Mr Afzal, is a British businessman based in the UAE, and a graduate
of Oxford University and the professional programme at the Camborne School
of Mines. In addition to Juniper International FZ LLC, Mr Afzal is an
advisor to a number of institutional and family office investors and a
Director of Blockbase Asia and Bosonic Energy.  It is anticipated that his
experience and network in the UAE will assist in the identification and
financing of additional opportunities for the company.

 

Additionally, the Board has agreed to issue certain directors with options
over a total of 4,000,000 Ordinary Shares of 0.1p each in the capital of the
Company. On the recommendation of the Remuneration Committee, and partly in
recognition of foregone salary for more than one year,  these options will
vest immediately and will expire five years from the date of issue with an
exercise price of 2p, a multiple of the recent share price.

 

The options to be granted to directors are set out below:

 

 Option holder  Position                Quantity
 Paul Ensor     Non-Executive Director  2,000,000
 Ajay Kejriwal  Non-Executive Director  2,000,000

 

 

Chesterfield Executive Chairman Kashif Afzal said, "We would like to thank
David Cliff for the invaluable support that he has given to the Company during
his tenure on the Board and wish him well for the future. The Board changes
announced today are to enhance the strategic decision making at the Company
and continue in our efforts to conserve assets and avoid unnecessary
dilution."

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.

 For further information please visit www.chesterfieldresourcesplc.com
(http://www.chesterfieldresourcesplc.com) or contact:

 Chesterfield Resources plc                                        Kashif Afzal, Executive Chairman  kashif@chesterfieldplc.com
 Peterhouse Capital Limited (https://www.brandonhillcapital.com/)  Charles Goodfellow                Tel: +44 20 7469 0930

 

 

**ENDS**

 

 

 1.            Details of the person discharging managerial responsibilities/person closely
               associated
 a)            Name:                                                         Ajay Kejriwal
 2.            Reason for the notification
 a)            Position/status:                                              Non-Executive Director
 b)            Initial notification/Amendment:                               Initial notification
 3.            Details of the issuer, emission allowance market participant, auction
               platform, auctioneer or auction monitor
 a)            Name:                                                         Chesterfield Resources Plc
 b)            LEI:                                                          213800EF8I2TT767IU35
 4.            Details of the transaction(s): section to be repeated for (i) each type of
               instrument; (ii) each type of transaction; (iii) each date; and (iv) each
               place where transactions have been conducted
 a)            Description of the financial instrument, type of instrument:  Ordinary shares of 0.1 pence

               Identification code:                                          GB00BF2F1X78
 b)            Nature of the transaction:                                    Grant of options over ordinary shares
 c)            Price(s) and volume(s):

Price(s)  Volume(s)
                                                                             2pence   2,000,000

 
 d)            Aggregated information:                                       Single transaction as in 4 c) above

Price(s)  Volume(s)
               Aggregated volume:                                            2pence   2,000,000

               Price:
 
 e)            Date of the transaction:                                      2024-03-20

 f)            Place of the transaction:                                     Off-market

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

 Price(s)  Volume(s)
 2 pence   2,000,000

 

e)

Date of the transaction:

2024-03-20

 

f)

Place of the transaction:

Off-market

 

 1.            Details of the person discharging managerial responsibilities/person closely
               associated
 a)            Name:                                                         Paul Ensor
 2.            Reason for the notification
 a)            Position/status:                                              Non-Executive Director
 b)            Initial notification/Amendment:                               Initial notification
 3.            Details of the issuer, emission allowance market participant, auction
               platform, auctioneer or auction monitor
 a)            Name:                                                         Chesterfield Resources Plc
 b)            LEI:                                                          213800EF8I2TT767IU35
 4.            Details of the transaction(s): section to be repeated for (i) each type of
               instrument; (ii) each type of transaction; (iii) each date; and (iv) each
               place where transactions have been conducted
 a)            Description of the financial instrument, type of instrument:  Ordinary shares of 0.1 pence

               Identification code:                                          GB00BF2F1X78
 b)            Nature of the transaction:                                    Grant of options over ordinary shares
 c)            Price(s) and volume(s):

Price(s)  Volume(s)
                                                                             2pence   2,000,000

 
 d)            Aggregated information:                                       Single transaction as in 4 c) above

Price(s)  Volume(s)
               Aggregated volume:                                            2pence   2,000,000

               Price:
 
 e)            Date of the transaction:                                      2024-03-20
 f)            Place of the transaction:                                     Off-market

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

 Price(s)  Volume(s)
 2 pence   2,000,000

 

e)

Date of the transaction:

2024-03-20

f)

Place of the transaction:

Off-market

 

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