Blencowe Resources Plc announced Monday it will not engage former CEO Mr Ralston as a consultant, and that all performance shares and share options held by Ralston have lapsed.
The decisions come after the company completed a review of historical Persons Discharging Managerial Responsibilities (PDMR) notification matters. On Saturday, September 12, the Board received notification from Ralston regarding those historical PDMR notification matters. On September 14, the Board ensured relevant notifications and disclosures were made, in connection with a previous company statement.
Blencowe said it has undertaken a review of its governance and compliance processes to ensure a consistent framework is applied across the company, supported by records, oversight and escalation procedures. The company reiterated its controls around PDMR dealing notifications and shareholding reconciliations. Blencowe holds signed acknowledgements of obligations and responsibilities regarding its share dealing policy from relevant directors and senior management, and is supported by professional advisers and brokers.
In operational matters, Iain Wearing will continue to lead the Orom-Cross Graphite Project. The Board stated it will provide further project and operational updates in due course.
