The Northern Star Resources Ltd [ASX:NST] share price is down 3.23% today after announcing their executive chair will be leaving the board.
Northern Star merged with Saracen Mineral Holdings Ltd [ASX:SAR] earlier this month, with an eye to produce two million ounces of gold a year.
Board change to happen in July
Today, Northern Star’s Executive Chair, Bill Beament said he will be retiring from the company’s board from 1 July. Beament will be replaced by Non-Executive Director John Fitzgerald until they find a new replacement.
Beament had this to say:
‘I share the view that now is the right time for Northern Star to begin the search for an Independent Chair. The Company is in an extremely strong position, with an outstanding team and some of the best gold assets in the world.’
Instead, Beament is going to fill a new role as executive director at Venturex Resources Ltd [ASX:VXR].
Venturex is a metal miner focused on developing their copper-zinc Sulphur Springs Project in Western Australia. Northern Star is a major shareholder of Venturex, with an 18.5% stake but along with joining the boardroom, Bill Beament is looking to take a 26.2% stake in the company, which would make him the largest shareholder.
Venturex Resources up over 170% after news hit
The update has certainly given Venturex Resources a boost. NST share price are up 171.43% at time of writing, trading at 29 cents, from 11 cents at yesterday’s close.
Meanwhile, Northern Star share price is trading at $10.50 at time of writing, down from $10.85 at yesterday’s close.
Northern Star reported record profits, cash flow and interim dividend during their half-year report earlier this month. Net profit after tax for the period were up 63% from the prior corresponding period, on the back of higher gold sales and higher gold prices. They declared a fully franked interim dividend of 9.5 cents a share, a 27% increase from the same period last year.
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