Microsoft Word - 20160505 - ASX Board changes.docx
5 May 2016
The Manager
ASX Market Announcements ASX Ltd
Level 4, 20 Bridge Street
Sydney, NSW 2000 Dear Sir
Kangaroo Resources Limited
ABN: 38 120 284 040 ASX Code: KRL
BOARD CHANGES
Kangaroo Resources Limited ("Kangaroo" or the "Company") advises the resignation of Mr Ian Ogilvie as the Company's Managing Director, effective immediately. Mr Ogilvie is resigning to pursue other opportunities.
The Board expresses its thanks to Mr Ogilvie for his tireless efforts since his appointment as Managing Director in May 2013.
PT Bayan Resources Tbk ("Bayan"), the Company's largest shareholder and parent entity, has offered to second Mr Russell Neil (currently a Non-executive Director of Kangaroo) who is an executive with Bayan to the Company to provide executive services. The Kangaroo Board has accepted this offer and has resolved to appoint Mr Neil as Chief Executive Officer and Managing Director, effective immediately. Mr Neil will continue to work part- time with Bayan.
Mr Neil is a Certified Practising Accountant and Certified Financial Analyst and is an Indonesian-based mining executive with over 23 years of corporate experience in accounting, finance and management roles within the mining industries of Australia and Indonesia. Mr Neil previously worked for WMC Ltd, Eltin Ltd and Tiwest Joint Venture in Australia and consulted to a number of Indonesian mining companies.
The detailed terms and conditions of Mr Neil's secondment from Bayan are being finalised and will be announced to the ASX following Board review and approval. Until such time as the Company is in a position to commence development and production from its coal projects in Indonesia, this arrangement is considered appropriate in limiting corporate and administration costs and is in the spirit of the recently concluded strategic agreement between the Company and Bayan.
Yours faithfully
Paul Jurman Company Secretary
Perth Office
Lvl 2 Suite 9, 389 Oxford St MT HAWTHORN
Western Australia, 6016
Telephone +61 8 9381 4320
Facsimile +61 8 9380 6761