Tearful farewell for Clark

REGIS Resources’ annual general meeting this morning also marked the last day with the company for former boss Mark Clark.
Tearful farewell for Clark Tearful farewell for Clark Tearful farewell for Clark Tearful farewell for Clark Tearful farewell for Clark

Mark Clark will remain a supportive Regis shareholder

After nearly 10 years leading Regis, Clark stepped down as executive chairman last month, remaining as non-executive chairman until the end of today's AGM.

Clark said he had mixed emotions about his final day, but the timing was right to step down.

Regis director and former Macquarie banker James Mactier is taking over as chairman.

While Clark was composed throughout the meeting, Mactier gave an emotional farewell to the outgoing boss, who he said had left Regis in "magnificent shape".

"He is a man of his word, he is unselfish, he is fair," Mactier said of Clark.

Mactier also took the opportunity to welcome new managing director Jim Beyer, who joined Regis five weeks ago.

"A fresh set of eyes coming into the organisation is always a great opportunity," he said.

Beyer admitted he didn't know Clark before recruitment discussions begun, but described him as a "new friend".

"The opportunity to lead Regis has been a lucky one for me," Beyer said.

"Mark has done a spectacular job. I look forward to the exciting opportunity to attempt to fill the boots."

Regis' core objectives are to maintain or increase gold production, maintain or improve operating margin, and to replenish or increase gold reserves.

"The one that isn't sitting up there in bold lights is that we're here to make money," Beyer said.

That's one thing Regis has consistently done. Cashflow from operations in the 2018 financial year was A$300.8 million.

Beyer said investors can expect more of the same from Regis.

"Why wouldn't you? If it ain't broke, don't fix it."

Regis shares closed 2.7% lower today at $4.34, around the mid-point of its 52-week trading range.