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Bens Creek Group PLC on Friday announced steps to increase independence from its largest shareholder, MBU Group Capital Ltd.
Chief Financial Officer Raju Haldankar, who is MBU's finance director, will step down from his role as CFO at Bens Creek as soon as a suitable successor has been found, the firm said. He will remain as a consultant for the London-based coal mine operator and owner with projects in North America.
As part of the resignation, Bens Creek proposes to issue 2.0 million share options to Haldankar, worth about 0.6% of the company's issued share capital on its initial public offering in October 2021.
Adding to that, Bens Creek is moving its UK office out of MBU's head office. The two firms have also agreed to terminate administrative service and license agreements with immediate effect.
As part of its restructuring, Bens Creek has bought MBU's membership interests in Ben's Creek Rail Land LLC. It is ‘an entity which holds the leasehold interests of the land beneath the rail track operated by the company, which is owned by Ben's Creek Rail Holdings LLC, a wholly owned subsidiary of MBU,’ Bens Creek explained. It comprises of a 3.2 mile rail spur, it added.
Bens Creek shares were 2.9% lower at 85.95 pence each in London on Friday morning.
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