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ASX Announcement 28 June 2016
D a vi d F l a n a g a n R e s i g n s a s M a n a g i n g D i r e c t o r
Atlas Iron Limited (ASX: AGO) advises that David Flanagan has resigned as Managing Director.
Mr Flanagan will continue in the role until a replacement is appointed or serve his six-month notice period, whichever comes first.
Mr Flanagan said he believed that with Atlas' restructuring deal now completed, costs cut significantly and production running at record levels, it was now a logical time for him to take a much needed break.
"As a result of the strategies we have devised, the support shown by lenders and contractors and the sheer hard work of our team, Atlas has a solid foundation on which to build a strong future," he said.
"I have no doubt that the Company is now ideally positioned to take full advantage of the opportunities which will stem from having a markedly lower cost base and a more robust balance sheet.
"I wish the Atlas Board, staff, contractors and shareholders all the very best for the future."
Atlas Chairman Eugene I. Davis thanked Mr Flanagan for his dedicated service to the Company, particularly during the recent restructuring.
"David has worked tirelessly to ensure that Atlas has a strong future," Mr Davis said. "As part of this, he has assembled an outstanding team of staff and contractors.
"I have no doubt that this team will continue to successfully implement the strategies they have devised to strengthen and grow Atlas.
"On behalf of the Atlas Board, I wish David all the best with his future endeavours and we look forward to continuing to work with the Atlas team to create value for all shareholders."
Mr Davis said Atlas would look to appoint a new Managing Director as soon as possible to ensure a smooth transition. In the meantime, Mr Flanagan will continue in the role as per the notice period in his contract.
Investor Enquiries:
Atlas Iron +61 8 6228 8000
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Tony Walsh
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Company Secretary
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Media Enquiries:
Read Corporate +61 8 9388 1474
Paul Armstrong +61 421 619 084
Important Notice
This announcement does not constitute an offer to acquire or sell or a solicitation of an offer to sell or purchase any securities in any jurisdiction. In particular, this announcement does not constitute an offer, solicitation or sale to any U.S.
person or in the United States or any state or jurisdiction in which such an offer, tender offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and neither such securities nor any interest or participation therein may not be offered, or sold, pledged or otherwise transferred, directly or indirectly, in the United States or to any U.S. person absent registration or an available exemption from, or a transaction not subject to, registration under the United States Securities Act of 1933.
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