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Hardman founder set to step down
http://www.heraldsun.news.com.au/common/story_page/0,5478,19183563%255E664,00.html
THE chairman and founder of Hardman Resources Alan Burns will step down within the next year as the company enters a new period of growth.
Mr Burns told shareholders at Hardman's annual meeting in Perth yesterday he would exit the role before the next meeting.
"It is my intent that this is the last AGM that I will chair," he said.
Hardman was still formulating a plan to replace him, but he said the current board would drive the company forward.
The company is in the midst of diversifying the company's one-project focus, with new projects in Surinam, Tanzania and Uganda
Diversification would insulate the company from events outside of the company's control, such as last year's military coup in Mauritania where Hardman is involved in the Chinguetti joint venture which provides its sole income.
Shareholders yesterday questioned Mr Burns about the company's "flat" share price.
But Mr Burns said the market's reaction was "in the lap of the gods".
"We know we are in a secure position, whatever the share market does . . . whatever we do is growing the company," he said.
Managing director Simon Potter said the company's traditional focus had been on high risk, high reward style projects, such as the Chinguetti joint venture, of which it holds 19 per cent, with Woodside Petroleum.
Now Hardman was seeking complementary assets to balance out its portfolio.
"We are trying to wean ourselves off Mauritania," he said.
Shares in Hardman fell 10c to $1.85. – AAP
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