The Sunday Times – AN American hedge fund has launched a ferocious attack on the chairman of African Platinum (Afplats), the AIM-listed mining company, sparking an international row.
North Sands, based in Connecticut, has in the past two weeks built up a 10% stake in Afplats and then, without prior word to the company, called an emergency meeting to remove Charles Hansard, its chairman.
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In a statement, Thomas McAuley, head of North Sands, said: “In our view, Mr Hansard does not have the industry credentials and relevant experience to maximise shareholder value.â€Â
Another investor said: “Some of the shareholders think the chairman is arrogant. They believe he has over-promoted the stock and have lost confidence in him.â€Â
Afplats, which owns the Leeuwkop platinum project in South Africa, used to be chaired by Phil Edmonds, the former Test cricketer turned commodities entrepreneur.
