MZI And SCG Announced The Transition Of Top Management

MZI And SCG Announced The Transition Of Top Management

MZI Resources Limited

MZI Resources stock slid 37.5% after the company announced the resignation of its Managing Director and Chief Executive Office on 29 January 2019, with a negative daily price change of $0.009, closing the session at A$0.015. Today (30 January 2019), the stock recovered and closed the session at A$0.016, up by 6.67%.

MZI Resources Limited (ASX: MZI) is under the mining sector. The company mainly focusses on the production of high-value minerals. The company has two key projects: Keysbrook and Tiwi Islands.

In the announcement to Australian Securities Exchange, the airline company MZI Resources Limited (ASX: MZI) stated that Mr. Martin Purvis had tendered his resignation from the role of Managing Director and Chief Executive Officer of MZI Resources, effective 29 January 2019.

As stated by MZI Resources Non-Executive Chairman Mr. Rod Baxter, that the company expressed his gratitude towards Mr. Martin, who joined the Company in July 2017.

The management anticipates announcing the appointment of an interim Chief Executive Officer shortly.

September Quarter Update: The company’s interest received for the Q1 FY19 stood at AUD 242,000. The company’s Administration and corporate costs for Q1 stood at AUD 630,000. The company’s reported exploration and evaluation, production, and staff costs for the Q1 stood at AUD 88,000, A$ 16,201,000, A$ 604,000, A$ 630,000 respectively. The company’s reported receipts from customers stood at A$ 14,693,000.

For the Q2, the company is anticipating posting production, staff costs, and administration and corporate costs amounting to A$ 15,944,000, A$ 605,000, A$ 1,255,000 respectively. So total estimated net cash outflows will be A$ 17,804,000.

The company has 297.18 million outstanding shares with the market capitalization of circa $7.13 million. The stock has delivered the negative return of 85% over the past six months. During the last one month, MZI has delivered the negative return of 51.61%.

Scentre Group

On 29 January 2019, Scentre Group (ASX: SCG) has announced to the Australian Stock Exchange that Group’s Chief Financial Officer Mr. Mark Bloom will proceed for retirement in April 2019 after serving over 15 years at the company.

Mr. Mark has also mentioned that he is stepping down from the position of full-time executive work and that the group has the highest quality portfolio of centers and also strategically well placed to succeed in the future.

The Group also mentioned that Mr. Elliott Rusanow would be appointed as new CEO on Mr. Bloom’s retirement.

On 14 December 2018, the company had disclosed to the market that one of its directors, Mr. Peter Kenneth Allen who had an indirect interest in the Company, acquired 1,332,576 SCG by Pechal Pty Limited. Pechal Pty Limited were the registered holders for the benefit of Mr. Peter Kenneth Allen.

Stock performance: On 29 January, the shares of Scentre Group closed the day’s session at A$4.060 (29 January 2019), up by 1.754%. SCG closed the day’s session flat today (30 January 2019) at A$4.060 with 5.32 billion outstanding shares and the market capitalization of circa $21.59 billion. The stock has delivered the negative return of 4.47% over the past six months. During the last one month, SCG delivered the positive return of 4.10%.


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