RBC Capital welcomes changes to Centamin board
Analysts at RBC Capital Markets took a fresh look at Centamin on Friday, stating it would not normally comment on board changes but think that given the firm's current situation and the recent approach by Endeavour Mining that it warranted attention.
RBC said the appointment of Jim Rutherford to the role of non-executive director and deputy chairman with the aim to "migrate" to non-executive chairman by end of 2020 should be welcomed.
"Mr Rutherford is a highly respected executive who brings significant capital markets and mining executive experience to CEY," said RBC.
"We hope that a fresh perspective could help encourage CEY’s board to engage with Endeavour around the recent potential for an all-share offer for CEY."
The Canadian broker also noted that today, CFO Ross Jerrard was appointed interim CEO, providing better stability and continuity as a global search for a new CEO continues.
RBC kept its 'sector perform' rating and 130p target price on the stock unchanged.