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July 05, 2006
Hedge Fund Attacks African Platinum Boss
North Sands, an American hedge fund has launched an attack on the Chairman of African Platinum, a leading mining company. Recently, it has called an emergency meeting to remove the Platinum Chairman, Charles Hansard. North Sands has built up a 10% stake in African Platinum in the recent weeks in an attempt to have a major say in important decisions. According to North Sands, Mr. Hansard does not have the industry credentials and relevant experience to maximize shareholder value. It is important to note that Hansard has the credit of bringing in the broker JP Morgan Cazenove, which increased the credibility of the company. However, in the past three months, the shares have taken a downward turn, thus generating resentment among employees and partners against Hansard.
Previously, Hansard was appointed to the board of US-listed Apex Silver by its biggest shareholders, veteran hedge-fund managers George Soros and Lewis Bacon of Moore Capital. Hansard is still on the board of Bacon’s flagship fund, Moore Global.
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