Here is the first of my three promised (Seeking Alpha KvN KAT Blog) updates subsequent the Rights Issue / Glencore news of today:
It continues to be a merry-go-round at KAT: On 17 April, 2019, Jeff Gerard was appointment to be CEO. I didn't buy it calling it a farce after the AGM: " a coal guy as Chairman and now another coal guy as CEO".
Gerard replaced a really good guy, Danny Callow, who had been with Glencore for 12 years in key roles.
Danny graduated from Cambourne School of Mines, Cornwall, England; my alma mater.
Now Gerrard is gone. In the Q3 Financials, KAT announced that Gerard "intends to resign as Chief Executive Officer and director of the Company, effective following the filing of the Final Prospectus related to the Rights Offering."
We were never told, but it also turns out that on 29 Oct, 2019, the KCC BoD appointed an unknown Glencore chap called Mark Davis as MD of KCC, replacing Samuel Rasmussen, and also replaced Michael Fleming with Clint Donkin as Operations Director of KCC.
In today's PR, KAT states "Mark Davis, already appointed as Managing Director of KCC, will be appointed CEO of the Company pursuant to the Management Agreement and as a director of the Company, effective following the filing of the Final Prospectus related to the Rights Offering. The executive services of Mr. Davis will be provided to the Company by GIAG pursuant to the Management Agreement."
From my own research it seems prior to this remarkably quiet and definitely "under the radar" New CEO Announcement, Mark Davis was EGM Operations Africa, Australia, Asia for MMG Limited where he had steadily risen for the prior 7 years. It seems he's been at Glencore already for about 2 months. Title: Head of Copper.
I don't doubt he's a talented decent chap, but why is it KAT shareholders have to look it up ourselves? Not a damn word about who he is; experience and/pr pedigree.
I plan to follow with two more updates and Opinion Pieces.
These are my views only. Thanks for reading.