Chesterfield Resources plc has appointed Kashif Afzal as executive chairman with immediate effect, among a series of board changes.
My Afzal, the company’s third executive chairman in two years, replaces Paul Ensor who becomes a non-executive director.
Chief financial officer Ajay Kejriwal ceases to hold an executive position but remains on the board as a non-executive director.
Non-executive director David Cliff has resigned, also with immediate effect.
Chesterfield’s board now comprises Mssrs Afzal, Ensor and Kejriwal.
“We would like to thank David Cliff for the invaluable support that he has given to the company during his tenure on the board and wish him well for the future,” said Mr Afzal.
“The board changes announced today are to enhance the strategic decision making at the company and continue in our efforts to conserve assets and avoid unnecessary dilution.”
British businessman Mr Afzal, based in the UAE, owns Juniper International FZ LLC which in 2023 purchased Chesterfield’s shares in Polymetal International.
Mr Kejriwal has been a consultant to Juniper Capital Partners Ltd.
An advisor to a number of institutional and family office investors, Mr Afzal is also a director of Blockbase Asia and Bosonic Energy.
Chesterfield, which in 2023 had a potential buyer for its Adeline copper project, said Mr Afzal’s experience and network in the UAE would help identify and finance “additional opportunities” for the company.
The company issued Mr Ensor and Mr Kejriwal each with 2 million options over a total 4m ordinary shares of 0.1p each in the capital of the company.
The options will vest immediately and expire five years from the date of issue with an exercise price of 2p, higher than today’s share price of 0.61p.