Element ASA: Beitnes to step down

12.12.18 | Press releases

Oslo, Norway 12 December 2018 – Lars Beitnes, Chairman of Element ASA (Element, OSE:ELE) has informed the board and the nomination committee that he will step down in an attempt to contribute to the process of engaging a new auditor for the company.

”Following recent events, I find it imperative for Element to create a new platform for the ongoing processes and to regain trust among all stakeholders. We are in the process of engaging a new auditor for Element and I have held constructive discussions with both the nomination commitee and the largest shareholders whereof more or less all have given me my full support as Chairman. Despite all such support, I believe it is in the best interest of the company at this point in time that I step down in an attempt to contribute to the current vital processes. I have informed the Board of Directors and the Chairman of the nomination committee that I will step down as Chairman to give the shareholders full flexiblity and to provide a new platform for leveraging on the significant value creation opportunities ahead,“ says Lars Beitnes.

Beitnes was elected Chairman of Element in May 2016 and has contributed to transform the company from a single-asset company with an unfunded stranded project with a valuation of 40 MNOK and zero funding into an innovative project investment company within the mineral sector with several highly attractive mining assets and technology platforms. Beitnes has the responsibility for important business development initiatives and will remain a consultant to the company.

”Element has achieved significant milestones and entered into new strategic directions and investments during Beitnes’ tenure. He has been responsible for adding a venture- and business development culture into Element which has made Element the company it is today and I would like to thank Beitnes for all his contributions and dedication to Element. I am happy he is willing to continue to add value to Element as a consultant and I look forward to continue the value creation for Element with him in a joint effort,” says Cecilie Grue, Chief Executive Officer.

For further information, please contact: 

Cecilie Grue
Chief Executive Officer
Telephone: +47 991 62 486
E-mail: cg@elementasa.com 

ABOUT ELEMENT | www.elementasa.com
Element is an innovative project investment company within the mineral sector, which continuously strives to create shareholder value at the lowest possible risk. The company has as strategy to identify undervalued projects, closing in on cash flow, where infrastructure and other basic work, if necessary, have in large, been completed. The company's special focus is linked to projects within new, and usually ground-breaking technology, within its niches.