Total Graphite (LSE:TGR) has launched a Portfolio Optimisation Programme to evaluate options to accelerate development and maximise value, and has changed its board composition with immediate effect to support the next phase of growth.
Mr Thomas Hill, currently the company's Chief Financial Officer, has been appointed to the Board as Finance Director and will continue to lead financial and operational development for the specialist flake graphite company.
Mr Andrew Wright has been appointed as a Non-Executive Director, bringing over 25 years as an English-qualified solicitor with senior private practice experience at White & Case and Vinson & Elkins, a decade as general counsel to a sovereign wealth fund and industrial conglomerate, and non-executive roles including directorships at an investment bank and a gas exploration company.
Mr Mark Rollins has stepped down as Non-Executive Chairman due to other full-time commitments and Mr Christian Dennis, a current Non-Executive Director, has been named Interim Non-Executive Chairman while a process to appoint a permanent chairman is conducted.
Mr Michael Lynch-Bell has stepped down from the Board to concentrate on other activities.
The Programme will assess strategic alternatives, including funding options, strategic partners, joint ventures, partial divestments or asset sales, and follows operational improvements at Madagascar (including Vatomina's nameplate expansion from 12,000tpa to 18,000tpa), progress on Montepuez and Balama Central in Mozambique and downstream anode material workstreams; the Company has received an expression of interest in certain assets but says discussions are at an early stage.
The Board will engage interested parties, assess proposals and provide updates as appropriate, while noting there can be no certainty any transaction will result.
