Highlights

• Musgrave Minerals has announced major Board changes as a controlling interest of 50.1% in its issued share capital, has been acquired by Ramelius Resources.
• The Bid Implementation Agreement (BIA) allows Ramelius to take up the lead position with three representative directors on the MGV Board of Directors.
• MD Rob Waugh and Non-Executive Chairman Graham Ascough have been retained on the Board to take care of the interests of MGV shareholders.
• Ramelius’ Mark Zeptner, Tim Manners and Alan Thom will now serve as the Non-Executive Directors in the MGV Board.

Musgrave Minerals Limited (ASX: MGV) today revealed Board changes as a controlling interest of 50.1% in its issued share capital, has been acquired by Ramelius Resources Limited (ASX:RMS), following the latter’s terms of the recommended takeover offer.

The Bid Implementation Agreement (BIA) allows Ramelius to take up the lead position with three representative directors on the MGV Board of Directors, with immediate effect. In turn, three MGV directors have stepped down from the Board.

As per the company update, Managing Director Rob Waugh and Non-Executive Chairman Graham Ascough have been retained on the Board to take care of the interests of MGV shareholders until RMS acquires a 90% relevant interest in MGV. Also, Trish Farr will remain at the position of Joint Company Secretary.

Incoming Ramelius’ Members

• Mark Zeptner - Non-Executive Director

Mr. Zeptner is serving as the Managing Director of Ramelius Resources Ltd. since July 2015. He was initially appointed as the COO of the firm in 2012, and later promoted to the position of CEO in 2014. He boasts over three decades of  experience at senior positions with WMC ad Gold Fields Limited.

• Tim Manners - Non-Executive Director

Mr Manners holds more than 25 years of experience in financial management functions, accounting, and corporate finance in the resources industry. He has worked in diverse projects relating exploration, development, and production worldwide. Previously, he has been a part of multiple companies from commodities sectors, namely Bathurst Resources Ltd, Gold Road Resources Ltd, and Perilya Ltd.

• Alan Thom - Non-Executive Director

For over 25 years, Alan has contributed in the industry as a mining engineer, executive, senior manager, and director of resource projects. He has served multiple resource companies as their director, taking care of operations, financing, acquisitions, and business development.

• Richard Jones - Joint CS

Mr Jones has been a part of RMS since October 2018. For over two decades, Mr. Jones has served the part of a corporate commercial lawyer and company secretary for both private and in-house firms across diverse industries.

MGV shares traded at AU$0.355 on 04 September 2023, with a market capitalisation of AU$212.83 million.