Sierra Rutile Holdings Limited (ASX: SRX) announced significant changes to its Board of Directors following the acquisition of a majority stake by Leonoil Company Limited.
Leonoil, which now holds more than 50% of the shares in Sierra Rutile, has put forward three new representatives for the Board: Mr. Mohamed Cole, Mr. Ibrahim Cole, and Mr. Patrick Lambert. Their appointments are pending formal consent.
In a related development, Sierra Rutile’s Finance Director, Mr. Martin Alciaturi, has announced his decision to retire from his executive role effective December 6, 2024. To expedite the onboarding of Leonoil’s representatives, Mr. Alciaturi will step down from the Board immediately.
Following these changes, the new Board will consist of the three Leonoil representatives, Managing Director Mr. Theuns de Bruyn, current Chairman Mr. Greg Martin, and independent non-executive directors Mr. Graham Davidson, Mr. Patrick O’Connor, and Mr. Jan Joubert. Leonoil retains its rights regarding Board composition under the Bid Implementation Agreement between Leonoil and Sierra Rutile.
Commenting on the changes, Greg Martin, Chairman of Sierra Rutile, stated, “These proposed Board changes are a natural transition for Sierra Rutile as majority ownership passes to Sierra Leone-based Leonoil. Sierra Rutile is an iconic business in Sierra Leone, and for it now to be majority locally owned is a major milestone.”
Martin also expressed his gratitude to Mr. Alciaturi, saying, “I would like to recognize the significant contribution Martin has made to Sierra Rutile. Martin has played a key role in the establishment of Sierra Rutile as an independent ASX-listed company and especially in managing the various change-of-control proposals this year, realizing a near 100% price increase for shareholders in difficult circumstances.”
He further added, “Without the efforts of the wider executive team, it would have been much harder for Sierra Rutile to push for more appropriate value over recent months. I would like to thank Theuns, Martin, and the entire executive team for their contributions, and wish Martin well in his future endeavors.”
Proposed New Directors
Of the incoming Directors, Mr Mohamed Cole has deep in-country experience and a background in engineering. He formerly served as Marketing Manager and subsequently Managing Director for Sierra Leone National Petroleum. He is one of the biggest shareholders in Leonoil.
Mr Ibrahim Cole is an established Sierra Leone executive. He is currently the Managing Director of Leonoil and has previously held roles at Bank of America, the European Union Delegation and Sierra Leone Roads Authority.
Mr Patrick Lambert is a Barrister & Solicitor of the High Court of Sierra Leone and is a Senior Partner at Lambert & Partners. His experience spans both local and international clients. He has acted as local counsel for negotiations with the Government of Sierra Leone in respect of the establishment of the First Step Economic Free Zone and lectured at the Sierra Leone School of Law.
Chairman Greg Martin said “I would also like to welcome Mohamed Cole, Ibrahim Cole and Patrick Lambert to the Board. They will collectively bring a great depth of in-country experience to support Sierra Rutile in its next phase of development.”
