AFE African Eagle

 
TIDMAFE 
 
   30 May 2014 
 
   African Eagle Resources plc 
 
   ("African Eagle" or the "Company") 
 
   Board Changes 
 
   Further to the announcement of 9 April 2014 African Eagle announces the 
appointment of Mr Nicholas Antony Clarke (Nick Clarke) (aged 53) and Mr 
Orikolade Adebayo Karim (Kola Karim) (aged 45) to the board of African 
Eagle ("Board") with immediate effect. In addition Robert McLearon who 
is currently the Managing Director of African Eagle will step down as 
Managing Director and assume the position of Finance Director with 
immediate effect. 
 
 
 
   Kola Karim, who has been appointed as Non-Executive Chairman of African 
Eagle, is the CEO and controlling shareholder of Shoreline Energy 
International Limited, a Nigerian conglomerate with interests that span 
oil and gas, power, engineering, infrastructure and construction across 
sub-Saharan Africa.  Kola went to City University, has attended 
Leicester University MBA programme, he also attended Harvard Business 
School and the Harvard Kennedy School of Government.  He was named a 
Young Global Leader by the World Economic Forum in 2008. 
 
   The following table sets out the names of all companies and partnerships 
of which Kola Karim has been a director or partner at any time in the 
previous five years:- 
 
 
 
 
Current Directorships / Partnerships                       Directorships / Partnerships 
                                                           in the last 5 years 
Shoreline Building Services Limited                        Askar Paints Nigeria Limited 
 Shoreline Power Company Limited                            Alumaco Nigeria Plc 
 Fortis Construction Company Limited 
 Equestrian Company Limited 
 CWA Furniture & Joinery Limited 
 CWA Homes Limited 
 Industrial and Mechanical Services Limited 
 Shoreline Electrical Systems Limited 
 Shoreline Oil Services Limited 
 Stonebrand International Limited 
 L.D'Alberto & Co Ltd 
 Agbara Shoreline Company Limited 
 Davof Technical Services Limited 
 Koda Trading Company Limited 
 Satellite Communication and Industrial Technical Limited 
 Double Platform Infrastructural Limited 
 Davof Trading Company (Nigeria) Limited 
 Schlumberger Testing and Production Services Nigeria 
 Limited 
 Fortis Ghana Limited 
 Shoreline Natural Resources SPV1 Limited 
 Shoreline Power Company SPV1 Limited 
 Hermosa Management Company Limited 
 Vanguard Life Assurance Limited 
 Seven Seven Market Limited 
 Arden House Residents Company Limited 
 Shoreline Energy International Limited 
 Costain (West Africa)Plc 
 Nigerian Ropes Plc 
 Shoreline Natural Resources Limited 
 Trans Amadi Facilities Limited 
 A G Leventis (Nigeria) Plc 
 EcoBank Nigeria Limited 
 Agbara Shoreline Power Limited 
 
 
   Shoreline Energy International Limited currently holds 140,937,440 
ordinary shares in the issued share capital of African Eagle 
representing approximately 16.18 per cent. of the issued share capital 
of the Company.  Kola Karim owns 90 per cent. of the issued share 
capital of Shoreline Energy International Limited and is also the 
company's Chief Executive Officer. 
 
   Nick Clarke, who has been appointed as Chief Executive Officer of 
African Eagle, went to Camborne School of Mines graduating with a BSc 
(Hons) in Mining.  He is a successful entrepreneur having founded and 
sold a carbon trading business and a natural gas trading company and has 
made numerous investments in the mining sector as well as investments in 
other sectors.  He has more than thirty years' experience in natural 
resources and related industries. 
 
   The following table sets out the names of all companies and partnerships 
of which Nick Clarke has been a director or partner at any time in the 
previous five years:- 
 
 
 
 
Current Directorships / Partnerships               Directorships / Partnerships in the last 5 years 
Salkeld Investments Limited (England and Wales)    Grendahl Investment Limited (England and Wales) 
 Brackenwood Polo Limited (England and Wales)       Carbon Resource Management Ltd (England and Wales) 
 Blackdown Resources (UK) Ltd (England and Wales)   Treliver Minerals Ltd (England and Wales) 
 Interalloys Trading Limited (England and Wales) 
 Interalloys Limited (England and Wales) 
 Smarta Enterprises Limited (England and Wales) 
 Blackdown Minerals Limited (England and Wales) 
 Twigg Minerals Limited (England and Wales) 
 Twigg Resources Limited (England and Wales) 
 Twigg Gold Ltd (Tanzania) 
 W.G.Exploration Ltd (Tanzania) 
 Kiokote Exploration Ltd (Tanzania) 
 Twigg Minerals Ltd (Tanzania) 
 Tanzania Nickel Holdings Limited (BVI) 
 
 
   Nick Clarke currently holds 87,119,892 ordinary shares in the issued 
share capital of African Eagle representing approximately 10 per cent. 
of the issued share capital of the Company through his wholly owned 
company Salkeld Investments Limited. 
 
   There are no further disclosures to be made under Schedule 2(g) of the 
AIM Rules for Companies. 
 
   Robert McLearon, Finance Director commented "I am delighted to welcome 
Nick and Kola to the Board and believe that their proven entrepreneurial 
skills, enthusiasm and experience in Africa and natural resources will, 
in time, result in value enhancing transactions for the benefit of 
shareholders." 
 
   Given that the Board comprises only three directors it has been decided 
that until such point as further non-executive directors are appointed 
the Audit and Remuneration Committees will comprise all three directors. 
It is hoped that further non-executive directors will be appointed in 
due course and that they will take on the responsibilities of the Audit 
and Remuneration Committees.  Mr Kola Karim will chair the Remuneration 
Committee and Mr Robert McLearon will chair the Audit Committee. 
 
   For further information please visit www.africaneagle.co.uk or contact 
the following: 
 
   Enquiries: 
 
 
 
 
African Eagle Resources plc                   Tel: +44 (0) 20 7002 5361 
 Robert McLearon, Finance Director 
 
Beaumont Cornish Limited (Nominated Adviser)  Tel: +44 (0) 207 628 3396 
Roland Cornish 
 Emily Staples 
Pareto Securities Limited (Broker)            Tel: +44 (0) 20 7786 4370 
 Guy Wilkes 
 
 
   About African Eagle 
 
   African Eagle Resources plc is quoted on the AIM Market of the London 
Stock Exchange (AFE) and Johannesburg AltX (AEA) stock exchanges. 
 
 
 
 
 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: African Eagle Resources PLC via Globenewswire 
 
   HUG#1789672 
 
 
  http://www.africaneagle.co.uk/ 
 

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