Key Personnel Changes To The Atlas Iron Limited’s Board

  • Oct 15, 2018 AEDT
  • Team Kalkine
Key Personnel Changes To The Atlas Iron Limited’s Board

Atlas Iron Limited (Atlas) (ASX: AGO) is happy to introduce the new members to the Board and management who are appointed as the non-executive directors namely Mr. Spiro Pappas, Professor Ian Plimer, Mr. Tad Watroba and Mr. Stephen Wood. Mr. Pappas who is an experienced finance executive recently with the National Australia Bank has been elected Chairman of the Board. Professor Plimer is an is a geologist and Emeritus Professor at the University of Melbourne and he serves on the board of Roy Hill Holdings Pty Limited and a number of other public and private companies. Further, Mr. Watroba is a highly experienced related to open, cut and underground mining projects in Australia and well as overseas. He had worked as an Executive Director of Hancock Prospecting Pty Ltd and Roy Hill Holdings Pty Ltd. Moreover, Mr. Stephen Wood was working as a Director General in the Department of Science, tourism, jobs, and innovation. He was also working at the Western Australia Tourism Commission as the Chief executive officer. As a result of the transition, Mr. Alan Carr, Mr. Eugene Davis, Mr. Cliff Lawrenson, and the Hon Cheryl Edwardes have resigned from the positive of director. Mr. Daniel Harris will be continuing as a non-executive director. Mr. Sanjiv Manchanda is now appointed as Chief Executive Officer (CEO) who is the replacement of Mr. Cliff Lawrenson working in this role previously. Mr. Manchanda was working as the chief operating officer at Roy Hill Holdings Pty Ltd who has an extensive mining experience. He was operating the Roy Hill Project from the ramp up to completion of the Project. He was also the Project Director of Roy Hill Holdings Pty Ltd beginning from engineering till commissioning of the Roy Hill Project. Mr. Manchanda has most recently the acting Head of Project Development for Hancock Prospecting Pty Ltd. 

The company shows a negative performance of -95.24% and -94.55% in its 5 years and 10 years performance report. For the past one-year, the company has shown a positive performance of 164.71%. The YTD performance is 12.50%. The company has made a gross loss of A$39.439 million as a result of an increase in the operating cost which is more than the revenue of the company. The net loss for the year was A$ 166.730 million. The current asset of the company is A$106.111 million and the current liabilities is A$88.271 million indicating the company has a potential to pay its short-term obligations. The total asset of the company is A$379.944 million and total liabilities is A$223.714 million representing the company’s potential to clear its long-term obligations. The total shareholder's equity is worth A$156.230 million. The net cash flow used in operating activities was A$2.723 million where the major outflow was due to the payments made to the suppliers and the employees. The net cash used in the investing activities was A$11.697 million. The net cash and cash flow used in financing activities were A$10.591 million where the major outflow was due to the repayment of the term loan B. As a result, the closing cash and cash equivalent with the company remain A$56.664 million.

The current market price of the share is A$0.045 with the market capitalization worth A$432.85 million. As per the chart, the moving average convergence and divergence line (MACD line) cut the signal line from the top and moves in the downward direction. This indicates price to be bearish in nature.

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