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Scotgold shareholder Le Roux steps into chair

Nat Le RouxScotgold Resources, the company behind the Loch Lomond gold mine, has appointed Nathaniel le Roux as chairman. The Scottish-born 40% shareholder has been a non-executive director since last October and will replace interim chairman Philip Jackson who is based in Australia where the company is headquartered.

Mr Jackson took on the role in December after Sandy Littlejohn was forced to step down as a result of failing to stump up £300,000 as an underwriter to last year’s £2.5m rights issue.

Managing director Richard Gray told Daily Business earlier this month that the company would be looking to hire someone close to its network.

Mr Le Roux spent most of his career in financial markets and was chief executive of IG Group between 2002 and 2006. Now semi-retired, he is an independent director of the London Metal Exchange. He became a substantial shareholder of Scotgold in February last year through a placement which took his holding in the company to 8%.

In August this stake was increased by way of placement, and he entered into a convertible note deed for $780,000, the terms of which were approved by shareholders at a meeting held on 31 July 2014.

He took up his entire entitlement under the November rights issue, and supported the rights issue by underwriting the majority of the shortfall.

Mr Gray said “It is a significant benefit to the company that such an ardent supporter should take on the role of chairman, and we welcome his experience and insight in taking Cononish into production at the earliest opportunity.”

Daily Business revealed earlier this month that former Waverley Mining chief Willie McLucas has a minority holding in the company.

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