– UK, London – Trident Royalties Plc (LON: TRR | FSX: 5KV) today announced the appointment of Paul Smith as Non-Executive Chair with effect from 21 June, succeeding James Kelly who will step down as Chair from that date but will remain on the Board as a Non-Executive Director.
Additionally, Mark Potter will step down from his position as a Non-Executive Director with immediate effect.
About Paul Smith
Paul Smith worked for Glencore Plc from 2011 until 2020. As Head of Strategy, his principal areas of focus were capital markets, mergers and acquisitions, and capital allocation. During this period Glencore completed numerous large-scale corporate and capital markets transactions, most notably the $90bn merger with Xstrata Plc.
While at Glencore, Paul was also the CFO of Katanga Mining Limited, Glencore`s TSX-listed subsidiary from 2019 until its de-listing in 2020. In addition, he represented Glencore as a non-executive director of Lonmin Plc and Glencore Agriculture Limited.
Before Glencore, Paul was an analyst and fund manager at Marshall Wace Asset Management, where he focused on cyclical sectors, including mining. Paul qualified as a Chartered Accountant before working in investment banking at Close Brothers and Credit Suisse.
He has an MA in Modern History from Oxford University.
Trident is a growth-focused, diversified mining royalty and streaming company, providing investors with exposure to a mix of base and precious metals, bulk materials (excluding thermal coal), and battery metals.
Key highlights of Trident’s strategy include:
- Building a royalty and streaming portfolio to broadly mirror the commodity exposure of the global mining sector (excluding thermal coal) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals;
- Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America;
- Targeting attractive small-to-midsize transactions which are often ignored in a sector dominated by large players;
- Active deal-sourcing, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers, such as closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetize packages of royalties and streams which are otherwise undervalued by the market;
- Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and
- Leveraging the experience of management, the board of directors, and Trident’s adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions.
The acquisition and aggregation of individual royalties and streams are expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger-scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth, and income.
For more information: https://www.tridentroyalties.com/
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