Celamin Holdings Limited (ASX: CNL) comes up with an update regarding the changes made in the board of the company along with the update on the legal proceeding with the Tunisian Mining Services dispute on 3 January 2019.
As per one of the previous announcements on 11 December 2018 regarding the changes to the board of directors of Celamin, the company has now decided to increase the strength and diversity if the board. The reason for expanding the board strength is due to its continuous success at its Chaketma Phosphate Project in Tunisia. It is also increasing its work on its new zinc exploration permits.
With these recent achievements, the company appointed Mr. Robin Widdup as the Chairperson of the company. Mr. Tarecq (Taz) Aldaoud will join the company as a non-executive director and Mr. Tim Markwell as an Alternate Director effective from 3 January 2019. Earlier, Mr. Tim Markwell was the Non-executive director of the company.
Mr. Robin Widdup holds a 40 years’ experience in the mining and the resources sector with a significant focus on substantial mining projects. Taz is also an existing shareholder of the company. He is an established entrepreneur, and he wishes to see the Chaketma project flourishing post the conclusion of the legal dispute.
With the amendment in the board members Simon Eley, who is the CEO of Celamin Holdings Limited states that the appointment will strengthen the board and will prepare in recovering the next phase of the recovering Chaketma.
Apart from the appointment of board members, the company was successful in getting the conservatory seizure order for all its shares which it owns in TMS from the President of the Tribunal of First Instance of Tunisia to prevent any dealing of shares during the dispute. On the other hand, TMS has also applied so that the seizure order gets lifted which got rejected by the Tunisian courts.
The official listing date of the company is 17 December 2009 where the company has given a negative performance. The last one-year performance of the company is -25.71%.
For the FY2018, which ended on 30 June 2018, the company made a loss of $1,206,881 where the company’s significant expense was in the form of legal cost. The balance sheet is miserable with a net liability of $119,419 with increased accumulated loss and a net cash balance of $585,131.
Even though the balance sheet of the company is in a poor state, still after the legal update and the appointment of new board members have given a little hope to the investors and its share price increased by 11.538% with the closing price of A$0.029 and a market capitalization A$3.44 million.