Ann: Appointment of Malcolm Bundey as Director and Chair-elect, page-36

I'm just re-reading the release and in the last few paras Bundey says:

“I’ve already visited the impressive Onslow Iron project and seen firsthand the size and scope of what MinRes
has achieved in a short timeframe. This is a world-class operation that will transform the Company.

“MinRes has significant asset backing with a flexible capital structure and no near-term debt maturities. The
Board and I are in lock-step that while we will continuously review capital management and options to
reduce debt, there is no need to raise equity and the focus should remain on creating additional value for
our shareholders.

“I want to thank James McClements for his leadership of MinRes and his support during this transition.”

So Bundey's got a really strong finance background and says there is no need for an equity raise; and the bonds are trading at Face value, and the Onslow project ramp now seems to be going really well.

I really DO NOT understand the share price move today.

The other thing is Bundey's main success seems to have come at Rank (2003 to 2015), run by another highly successful New Zealander, Graeme Hart. I wonder if there is a connection there back to Chris Ellison.

I really like the Rank background, one of the best performing conglomerates in Aus/NZ.

My guess is the 3 female directors resigned after the Board decision to appoint Bundey because they knew Bundey would be close to and co-ordinate well with Chris Ellison, as he did previosuly with Graeme Hart.

All good news in my view.