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ASF Group Associate ActivEX Restructures Board

ASF Group (ASX: AFA) has advised that its associate company ActivEX (ASX: AIV) has restructured its board with the appointment of Grant Thomas as a non-executive director.

It added that it was pleased that this was achieved without the need for a shareholder meeting and that all parties acted reasonably in the best interests of ActivEX.

ASF, which holds a 42.75% interest in ActivEX, had on 5 July 2013 requisitioned a general meeting of ActiveEx's shareholders to remove Dick Keevers, Ian Daymond and Paul Crawford as directors and to appoint Thomas as an independent director.

It subsequently withdrew its requisition on 30 July 2013 after Keevers and Daymond tendered their resignations and the ActivEX board appointed Thomas as a director.

Thomas has over 30 years experience covering exploration and resource evaluation and valuations for many minerals, including iron ore, gold, copper, lead, zinc, uranium, fluorspar and coal in Australia, China, South Africa, Tajikistan, Kazakhstan, Brazil and Mongolia.

He has previously worked as a geophysicist for CRA Exploration, Rio Tinto Exploration and Hamersley Iron. His last roles in Rio Tinto were as Principal Geologist in Brazil and Country Manager for Rio Tinto Mining and Exploration (China) in Beijing.
ASF had initially acquired a 19.9% interest in ActivEX through two private placements in 2012. It then launched an on-market takeover bid in May 2013 that led to its increasing its stake to 42.75%.

ActivEX has a portfolio of exploration projects focused on copper and gold across Queensland and one advanced potash project in Western Australia.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.