Mountain Province CFO Bruce Ramsden leaves at short notice

  • Signs for push-out forces
  • After almost four years on the job
  • Praise, thanks and good wishes for Ramsden
  • Jennie Ly taking over in the interim
  • Search for a successor

( — Toronto, Ontario, Canada, December 22, 2016 — Bruce Ramsden, finance chief of Mountain Province, leaves. It is a change at short notice. As announced by Mountain Province Diamonds Inc. in a news release on Thursday, December 22, 2016, Bruce Charles Ramsden leaves the post as Chief Financial Officer at the mining company in a surprising move after almost four years on the job, effective January 31, 2017.

Mountain Province will undertake a search for a successor.

Ramsden’s duties are taken over in the interim by Jennie Ly, currently Controller at Mountain Province Diamonds Inc.

No reason given

In the announcement, Mountain Province did not explicitly explain the reason for Ramsden’s imminent move, leaving room for speculation.

Danger signal

Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position at short notice and without an understandable explanation.


Mountain Province said: Bruce Ramsden, Vice President Finance and CFO, “has tendered his resignation with effect from January 31, 2017”.

Precise information about the future plans of Ramsden was not immediately available.

Share price rise since January 2016

The change follows a rise in the share price of Mountain Province Diamonds Inc. since January 2016.

Chaired by Jonathan Comerford

Mountain Province Diamonds Inc. is chaired by Jonathan Comerford.

Comerford has been a director of the Company since September 2001 and Chair since April 2006.

Patrick C. Evans serves as CEO of Mountain Province Diamonds Inc. Evans has been President and CEO of Mountain Province Diamonds Inc. since November 2005.

On the job as CFO since 2013

Bruce Ramsden has been the Company’s Vice President Finance and Chief Financial Officer (effective May 1, 2013) since February 2013.

Ramsden is also Vice President Finance and Chief Financial Officer (effective May 1, 2013) for Kennady Diamonds Inc., since February 2013.

He has been a resident of Ontario, Canada since February 1996 and prior to that resided in South Africa where he graduated by correspondence with a Bachelor of Commerce degree from the University of South Africa and gained through correspondence a C.I.S through the Institute of Chartered Secretaries and Administrators.

Ramsden worked for a number of large companies in South Africa, including Mobil Oil, Philips South Africa and Castrol Oil South Africa prior to immigrating to Canada in 1996.

Since 1996, Ramsden has provided financial consulting services to Vaaldiam Resources Ltd. (May 1996 to December 2001) and in addition to his CFO and Corporate Secretary roles was also a Director.

Ramsden was also a Director and Chief Financial Officer of Sierra Minerals Inc. (January 1998 to September 2006).

Ramsden also consulted to St Andrew Goldfields Ltd. (January 2002 to June 2005) and was VP Finance, CFO and Corporate Secretary.

Ramsden was also CFO and a Director for Heritage Exploration Ltd. (January 2005 to June 2005).

Ramsden joined Vaaldiam Mining Inc., formerly Tiomin Resources Inc. (June 2005 to June 2010) as VP Finance, CFO and Corporate Secretary.

Ramsden was also a Director of Freegold Ventures Limited (October 2009 to April 2011).

Ramsden consulted to Andean American Gold Corp. (July 2010 to October 2012), which was acquired by Lupaka Gold Corp. (October 2012) and Southern Legacy Minerals Inc., formerly Sinchao Metals Corp. (July 2010 to June 2012) where in addition to his VP Finance, CFO and Corporate Secretary roles, he also provided financial and administrative services to both companies.


As a general rule, when a top leader announces to step aside with no permanent successor in place, it is a signal that the move was unexpected and too early.

Generally speaking, possible causes for an unplanned change can be, among others, disagreement, health reasons, urgent family reasons or surprising new career opportunities.

Signs for push-out forces

It is not completely certain what forces eventually triggered Bruce Charles Ramsden’s move.

The Push-out Score™ determined by suggests that push-out forces may have contributed to the management change.

Read the full story in the report 48.2016 ($).