MOD Resources Ltd (ASX: MOD) – was an ASX listed company focused on copper exploration and development in the Kalahari copper belt in Botswana, Africa. MOD’s primary focus was on progressing their flagship T3 Copper project, the growth of which ultimately resulted in corporate activity from Sandfire Resources Ltd (ASX: SFR) who successfully acquired MOD via a Scheme of Arrangement, valuing MOD at in excess of AUD$160m.
The initial focus of Checkside work centred around organisational design and workforce planning to ensure the right structure was in place to support strategy execution, and importantly the right talent was identified and secured at the right time to lead and drive performance in the business. This resulted in the MOD senior executive and management team being significantly bolstered and matured over 2018.
The Checkside engagement with MOD grew exponentially in late 2018 as the business began to expand and the T3 project gathered significant momentum. Over a 24-month period Checkside assisted develop a framework to mature the organisational capability to manage the growth in headcount and drive high performance as the team and business expanded. This included the following elements:
Work was also done to leverage technology via the selection and implementation of an appropriate cloud-based platform to manage online performance reviews and drive engagement and feedback. Guidance was also provided to manage risk via coaching and oversight to help develop template policies and contracts to standardise agreements and establish risk management frameworks.
Our engagement with MOD assisted the company through a significant growth curve and helped to position it well to deliver a valuable outcome for shareholders via Sandfire Resources Ltd (ASX: SFR) takeover of MOD for in excess of AUD$160m.
Chairman of MOD, Mark Clements, commented:
“When you’re a sub $100M market cap company striving for rapid growth you need to entice quality people into the organisation and strengthen your register with a supportive institutional investor base. You can only do that if you can demonstrate how you are planning to deliver upon your vision and that you’re setting processes in place to behave like an ASX300 company. Checkside understood our strategy and recognised where the gaps were right from the start. Importantly they had the full suite of resources available for us to immediately improve aspects of our board capability, corporate governance, human resources and remuneration strategies. With the assistance of Checkside we were able to assemble a great team and establish tailored governance practices that reinforced the positive culture within the organisation, instilled confidence with institutional investors and ultimately rewarded all shareholders.”