Business Context and Reporting Period
This Form 8-K Current Report was filed by Ramaco Resources, Inc. on September 24, 2019. The filing discloses corporate governance changes, specifically an increase in the size of the Board of Directors and the appointment of two new directors, executed via written consent by major shareholders.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on governance matters and does not contain financial performance data.
Material Changes
- Board Expansion: The Board of Directors was increased by one member, bringing the total to ten members.
- New Appointments: Trent Kososki and Peter Leidel were appointed to fill two vacancies on the Board.
- Shareholder Action: Affiliates of Yorktown Partners LLC, holding 50.8% of voting power (20,751,534 shares), approved the changes by written consent.
Guidance, Outlook, and Management Commentary
Management Commentary:
- Trent Kososki: A principal at Energy Capital Partners (ECP) since 2014. He previously served on the Board from December 2016 to June 2019. His appointment fulfills ECP's right to designate two board members under the Shareholders' Agreement.
- Peter Leidel: A founder and partner of Yorktown Partners LLC. His appointment fulfills Yorktown's right to designate up to five board members under the Shareholders' Agreement.
- Compensation: Neither new director will receive compensation for their service, consistent with the Company's policy for non-independent directors.
- Indemnification: The Company will enter into standard indemnification agreements with both appointees.
Investor Verification Checklist
- Verify the effective date of the Board Size Increase once the Information Statement is mailed.
- Confirm the total number of board seats held by Yorktown Partners and Energy Capital Partners following these appointments.
- Review the upcoming Schedule 14C Information Statement for further details on the governance changes.
- Note that this filing contains no financial data; refer to the most recent 10-Q or 10-K for financial metrics.