– UK, London – Papua Mining plc, a UK company focused on the exploration and development of gold and copper deposits in Papua New Guinea, is pleased to confirm the appointments of John Hutchinson and Michael Somerset-Leeke as Non-executive Directors of the Company, both with immediate effect.
John Hutchinson has been managing partner at Epi-V LLP, a private equity fund specialising in oil and gas technology investments, since 2012 having joined at its inception in 2006. During his time at Epi-V his responsibilities have included transaction management, business development and fundraising and he currently has overall responsibility for Epi-V’s own business. Prior to this John was head of the corporate team at law firm Pitmans LLP for 7 years and in 2015 he was appointed as its Managing Partner.
Mr Hutchinson’s appointment to the Board was proposed by Thalassa Holdings Ltd in accordance with the terms of the Subscription Agreement under which Thalassa subscribed for £400,000 of new shares in the Company and which was approved by shareholders on 7 October 2016.
Michael Somerset-Leeke was formerly Chairman of Winchmore PLC, a quoted investment trust which developed a significant presence in the leisure sector. Prior to this Mr Somerset-Leeke was Senior Partner at Coni & Covington Stockbrokers.
Mr Somerset-Leeke has been a substantial shareholder in Papua since before the Company’s admission to AIM in March 2012 and currently is interested in 37,991,102 ordinary shares, representing 25.37 per cent of the Company’s issued share capital.
The Company also announces that Keith Lough has elected to resign from his position as a Non-executive Director of the Company with immediate effect.
Hugh McCullough, CEO of Papua, commented: “We are delighted to welcome two new non-executive directors to the Board at what is an important time for Papua. We will have some key decisions to take in the next 12 months regarding the future activities of the Company and we look forward to input from John and Michael in this regard.
On behalf of the Board I would like to thank Keith Lough for his guidance and valuable contribution to the Company’s progress. He has been an important member of the Board since we joined AIM in 2012 and we wish him well in the future.”
For more information : http://papuamining.com
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