The proposed merger between Red 5 and Silver Lake Resources has now been implemented.
The merger was first announced in February this year, with Silver Lake shareholders set to receive 3.434 Red 5 shares for every Silver Lake share held.
Now, Silver Lake has applied to be removed from the ASX.
The merger comes with a slew of job movements. Previous Silver Lake managing director and chief executive officer (CEO) Luke Tonkin has been appointed to the same roles at Red 5. He will be supported by Red 5’s existing chief operating officer Richard Hay.
Silver Lake chief financial officer (CFO) Struan Richards will retain his position as CFO of Red 5, as will Silver Lake corporate development officer Len Eldridge.
Silver Lake group development geologist Phillip Stevenson will bring his position over to Red 5, while Russell Clark will continue as Red 5’s non-executive chair.
“Following the successful implementation of the merger with Silver Lake, we have today implemented the key changes to the executive leadership team and board at Red 5, consistent with the terms of the scheme implementation deed,” Clark said.
“Under the leadership of Luke Tonkin as managing director and CEO, supported by a high calibre executive leadership team, I am confident we have the team in place to oversee the next chapter of the company’s growth.”
The merger will see Red 5 managing director Mark Williams, CFO David Coyne, manager – corporate development Mathew Collings and chief geologist Byron Dumpleton depart the company.
“On behalf of the board and shareholders, I would like to sincerely thank Mark for his huge contribution to Red 5’s success and shareholder value and wish him all the best for the future,” Clark said.
“In addition, I would also like to acknowledge David Coyne and Mathew Collings for their tireless work on the Silver Lake merger and commitment to the Company since their appointments last year and wish them both well for their future endeavours.”
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