By Amin Kef (Ranger)
Sierra Rutile Holdings Limited (ASX: SRX) has announced a significant shift in its ownership and leadership following Leonoil Company Limited’s acquisition of a majority interest in the company. As of September 5, 2024, Leonoil has secured over 50% of Sierra Rutile’s shares, marking a new era for the company as it transitions to majority local ownership.
This acquisition signals a new chapter for Sierra Rutile, with Leonoil poised to introduce fresh leadership through the proposed appointment of three new Directors to its Board. Mohamed Cole, Ibrahim Cole and Patrick Lambert have been nominated for these roles, pending their consent to act, bringing local expertise and leadership to guide the company’s next phase of development.
In line with these changes, Sierra Rutile’s current Finance Director, Martin Alciaturi, has announced his intention to retire from his Executive role on December 6, 2024. However, Alciaturi will step down from the Board immediately to expedite the appointment of Leonoil’s representatives. His departure comes after years of valuable service, during which he helped navigate the company through various change-of-control scenarios and played a pivotal role in increasing shareholder value, even in challenging market conditions.
The restructured Board will now include the three proposed Leonoil representatives, alongside Managing Director, Theuns de Bruyn, Chairman Greg Martin and independent Non-Executive Directors, Graham Davidson, Patrick O’Connor and Jan Joubert. Leonoil retains its rights regarding Board composition under its Bid Implementation Agreement with Sierra Rutile.
Sierra Rutile’s Chairman, Greg Martin, expressed his optimism about the transition, stating, “These proposed Board changes reflect a natural progression as majority ownership passes to Leonoil, a company rooted in Sierra Leone. Sierra Rutile is a cornerstone of Sierra Leone’s economy and transitioning to majority local ownership is a significant achievement for both the company and the country.”
Greg Martin also lauded Alciaturi’s contributions, saying, “Martin has been instrumental in Sierra Rutile’s journey as an independent ASX-listed company. His tireless efforts and leadership have been critical in driving shareholder value. I wish him the very best in his future endeavors.”
The three incoming Directors bring a wealth of expertise and local knowledge. Mohamed Cole, one of the major shareholders in Leonoil, has a background in engineering and previously served as the Marketing Manager and Managing Director of Sierra Leone National Petroleum.
Ibrahim Cole, currently the Managing Director of Leonoil, has extensive experience in banking, international development and infrastructure, having worked with institutions such as Bank of America, the European Union Delegation and the Sierra Leone Roads Authority.
Patrick Lambert, a distinguished lawyer and Senior Partner at Lambert & Partners, has represented various local and international clients in legal negotiations with the Sierra Leone Government and has lectured at the Sierra Leone School of Law.
Chairman Greg Martin warmly welcomed the new Directors, stating, “I would like to extend a sincere welcome to Mohamed Cole, Ibrahim Cole and Patrick Lambert. Their in-depth knowledge and experience in Sierra Leone will be invaluable as we move forward with Sierra Rutile’s next phase of development.”
The restructuring of Sierra Rutile’s leadership and its shift to majority local ownership is a pivotal moment in the company’s history. With Leonoil’s acquisition, Sierra Rutile is positioned to continue its growth, driven by a strengthened leadership team with deep ties to the local economy and community.
This transition marks a major milestone in Sierra Rutile’s history, as the company enters a new chapter under majority local ownership, with a strengthened leadership team poised to guide its future.
