Vault Minerals (ASX: VAU) has rocketed as much as +14% higher in afternoon trade after dropping news that the company’s managing director and CEO, Luke Tonkin, will be stepping down within the next 12 months.
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Tonkin’s been a key figure behind Vault’s growth spurt and played a major role in merging with Red 5 and Silver Lake, and supercharging operations at the KOTH mine site.
“It’s been a massive ride, but the time’s right for fresh leadership to take Vault into its next phase,” said Tonkin after announcing his departure.
So far, investors seem chill about the change – and have reacted enthusiastically.
The company’s now on the hunt for a new CEO, aiming for a smooth handover and no disruption to day-to-day operations.
Vault’s also turning heads with its newly announced on-market share buy-back, which will see up to 10% of ordinary shares repurchased over the next year. (No shareholder vote needed; it’s all at the company’s discretion.)
“This buy-back shows we’re backing ourselves, we believe our shares are undervalued, and this is a smart way to reward shareholders while keeping our balance sheet strong,” said a Vault spokesperson.
The move reflects Vault’s confidence in its cash flow and overall performance, especially after the big integration with Silver Lake and recent upgrades to KOTH. The goal is to boost shareholder value and show the market they’re not just sitting on their hands, the company explained today.
With plenty of momentum and a leadership change on the horizon, it’s fair to say Vault’s gearing up for an interesting 12 months.
VAU has been up 14% at 48cps in early afternoon trade.
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