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Shares of Mining, Minerals & Metals (LON: MMM) have fallen on Monday after the company said Matthew Bonner, its non-executive chairman and Andrew monk and non-executive director have both stepped down with immediate effect.

Simultaneously the company also announced that Jonathan Martin Smith, the current CEO of Sumner Group Mining plc, has joined its board with immediate effect.

“On behalf of the board, I would like to thank Matthew and Andrew for their contribution to the development of the Company and wish them well in the future. I'm delighted to welcome Johnny to the Board of MMM, Johnny joins us with extensive experience in the mining industry and I am confident that he will provide the right balance of challenge and independence,” said Roy Pitchford, an MMM non-executive director.

Elsewhere the company also commented on speculation regarding whether a reverse takeover transaction is being processed. The London-listed firm said it's been active in its search for acquisition opportunities in the mining, and oil and gas sectors, and continues to review potential acquisition candidates, but there is no current specific acquisition in progress.

MMM shares are currently down over 15%, priced at 10.4p.

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