Danakali (ASX:DNK) - Executive Chairman, Seamus Cornelius
Executive Chairman, Seamus Cornelius
Source: Yared Tesfay [Twitter]
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  • Potash company Danakali (DNK) has entered a trading halt for the purpose of an upcoming capital raising
  • The company will remain in the halt until April 29 or when more details regarding the raise are released, whichever occurs first
  • In mid-April, Danakali announced that its Chief Financial Officer Stuart Tarrant had resigned to pursue another career opportunity
  • The current Head of Finance Greg MacPherson has taken on the majority of the roles with some being assume by Executive Chairman Seamus Cornelius
  • Additionally, Danakali removed its CEO in February, citing a ‘reallocation of responsibilities’ caused by COVID-19 disruptions
  • Shares in Danakali last traded at 50.5 cents on April 26

Potash company Danakali (DNK) has entered a trading halt for the purpose of an upcoming capital raising.

The company will remain in the halt until April 29 or when more details regarding the raise are released, whichever occurs first.

Danakali is yet to disclose how much it intends to raise or what it will use the money for once received.

In mid-April, Danakali announced that its Chief Financial Officer Stuart Tarrant had resigned to pursue another career opportunity.

Greg MacPherson, the current Head of Finance, has taken on the majority of Stuart’s roles with some being assumed by Executive Chairman Seamus Cornelius.

This followed Danakali removing the CEO role in February.

Previous CEO Niels Wage was made redundant with the company claiming it to be part of a “reallocation of responsibilities” caused by COVID-19 disruptions.

This role was assumed by Seamus to combine the role, reduce operating costs and increase efficiency.

Neils had an important role in the company, overseeing the commencement of the development of the Colluli Project in Africa.

Shares in Danakali last traded at 50.5 cents on April 26. The company has a $161.4 million market cap.

DNK by the numbers
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