Samuel Kallon 
Sierra Rutile Holdings Limited (ASX: SRX) said after an announcement on Friday 6th September, 2024, that Leonoil Company Limited (Leonoil) has acquired a relevant interest in more than 50% of the shares in the company. This means a change in the management of the parent company, Sierra Rutile.
It said that Messrs Mohamed Cole, Ibrahim Cole and Patrick Lambert will be appointed to the Board of Directors at the request of Leonoil subject to the provision of their consents to act.
Separately, it said, Mr. Martin Alciaturi, Sierra Rutile’s Finance Director, has advised the company of his intention to retire from his executive role effective 6th December, 2024.
To facilitate appointment of the Leonoil representatives to the Board in the shorter-term, Mr. Martin Alciaturi will step down from the Board immediately.
Following the above changes, the Board will comprise three new Leonoil representatives, working together with the Managing Director Mr. Theuns de Bruyn, current Chairman Mr. Greg Martin, and existing independent non-executive directors who are: Messrs. Graham Davidson, Patrick O’Connor and Jan Joubert.
However, Leonoil retains its rights in relation to Board composition under the bid implementation agreement between Leonoil and Sierra Rutile company.
Greg Martin, Chairman of Sierra Rutile, had said: “These proposed Board changes are a natural transition for Sierra Rutile as ownership majority is being passes onto a Sierra Leone based entity, Leonoil.
“Sierra Rutile is an iconic business operating in Sierra Leone and for it to be dominately owned by local majority is seen as major milestone.
“I would like to recognise the significant contribution Martin has made to Sierra Rutile,” says a company shareholder.
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, realising a near 100% price increase for shareholders under difficult circumstances.”
“Furthermore, without the efforts of the wider executive team, it would have been much harder for Sierra Rutile to push for more appropriate value over the recent past months. I would like to thank Theuns, Martin and the entire executive team for their contributions, and wish Martin well in his future endeavours.”
The incoming director, Mr. Mohamed Cole, has a deep in-country experience and a solid background in engineering.
He has formerly served as a Marketing Manager and has subsequently worked as 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 various roles at Bank of America, the European Union Delegation and Sierra Leone Roads Authority (SLRA).
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 having a good rapport with business clients. He has acted as local counsel on negotiations with the Government of Sierra Leone in respect of the establishment of the First Step Economic Free Zone and had taught at the Sierra Leone Law School.
At the program, 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.”
Ends
This ASX Release was authorised for release to the ASX by the Board.
Contact Information:
Investors:
Martin Alciaturi
Finance Director, Sierra Rutile Holdings
Limited
Ph: 08 6251 5555
Email: martin.alciaturi@srx.group
Media:
Shane Murphy
FTI Consulting
Ph: 0420 945 291
