THE BOURSE WHISPERER: Straits Resources (ASX: SRQ) informed the market it will be renamed Aeris Resources Limited (ASX: AIS), a change that is expected to occur within the next week.
The name change was approved by the company’s shareholders at an Extraordinary General Meeting (EGM).
The meeting also voted in the affirmative for a longer‐term debt structure with the company’s major lender, Standard Chartered Bank and the introduction of a new strategic partner, Special Portfolio V Limited (PAG SPV).
After the meeting Straits Resources (soon to be Aeris Resources) executive chairman Andre Labuschagne said the cumulative results of the EGM marked a new era for the company and an important step towards the conclusion of an extensive corporate and operational restructuring process.
“Over the past three years we have made some difficult but necessary decisions and worked diligently to turn the business around,” Labuschagne said in the company’s announcement to the Australian Securities Exchange.
“We have divested the majority of the company’s non‐core assets, exited our Indonesian operations, reduced corporate overheads and focussed on returning the Tritton operations to reliable production and positive cash flows.
“With a strengthened financial outlook, we believe it is appropriate to start the next chapter under a new brand.”
Labuschagne outlined a clear, two‐pronged growth strategy for the newly-minted Aeris, which will include investmeent in near‐mine exploration to advance an extensive pipeline of known prospects within its landholding in the proven Tritton copper region to leverage existing infrastructure at its Tritton operations.
Labuschagne indicated Aeris would also pursue appropriate merger and acquisition opportunities with the support of its new strategic partner.
“I would like to thank our shareholders for supporting these changes which cements our position as a significant Australian copper producer and to realise our clear growth potential,” Labuschagne said.