"The Company confirms that Mr Bradley Boyle’s role as Managing Director and Chief Executive Officer has ended. The Board would like to thank him for his contribution to the Company.
Mr Garth Higgo has agreed to be appointed as Chief Executive Officer and together with Mr Alfred Gillman, Technical Director, will be responsible for the management of the Company. The Board is confident that the new executive team will maintain all key stakeholder relationships, particularly with Mr Gillman’s close involvement in the development of the Company over the past three years.
In addition, Mr Rodney Baxter has agreed to be appointed as Non-Executive Director of the Company, subject to the Company receiving subscriptions for an amount at least equivalent to the Underwritten Amount under the Entitlement Offer.
About Garth Higgo
Mr Higgo has a 35 year career spanning executive positions in engineering, design and construction services (mining and civil), banking, corporate finance, project development and mining operations.
Mr Higgo was most recently the Global Market Director - Mining for Aurecon. Prior to this he was the Global Director of the Rail and Transportation Division with Calibre Group Ltd for nearly five years. He was formerly the Chief Operating Officer of Consolidated Minerals Limited, responsible for managing the open pit and underground manganese, nickel and chromite operations for the company. He was
Triton Minerals Limited – Supplementary Prospectus
This document is important and should be read in its entirety and in conjunction with the Prospectus dated 25 November 2015. If you do not understand its contents, you should consult your professional adviser without delay.
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also the CEO of an ASX and JSE listed coal exploration and development company in South Africa.
Prior to this, Mr Higgo held a senior executive position with Iscor Mining (now unbundled into Kumba Resources Ltd and Exxaro Ltd), where he was involved in iron ore, coal, gold, copper and zinc/lead projects, before moving to Anglo Platinum Ltd in various roles, including Group Manager, Joint Ventures, where he was responsible for the negotiation, implementation and management of a number of joint ventures.
Mr Higgo was also a founding Non-Executive Director of ASX listed iron ore producer, BC Iron Limited from 2006 to 2010.
Mr Higgo holds a Dip. Civil Engineering, B.Com with Honours, MBA and GAICD.
Engagement Terms
Mr Higgo has agreed to assume the role of Chief Executive Officer on the following key commercial terms:
(a) annual salary of $400,000 plus statutory superannuation; and
(b) 3,500,000 performance rights following the close of the current Entitlement Offer with the following conditions:
(i) the Performance Rights will vest on 20 August 2017 (minimum vesting period).
(ii) the number of Performance Rights that will vest will be dependent upon the following Vesting Conditions:
(a) continuous employment or engagement by the Company during the period up to the satisfaction of the Vesting Conditions;
(b) the Company’s share price reaching a 5 day VWAP of at least $0.20 per share - 1,000,000 Performance Rights will vest;
(c) the Company’s share price reaching a 5 day VWAP of at least $0.30 per share - 1,000,000 Performance Rights will vest;
(d) the Company’s share price reaching a 5 day VWAP of at least $0.40 per share - 1,000,000 Performance Rights will vest;
(e) the Company’s share price reaching a 5 day VWAP of at least $0.50 per share - 500,000 Performance Rights will vest;
(collectively the Vesting Conditions)
(iii) the Performance Rights will expire on 20 August 2018;
About Rodney Baxter
Mr Baxter has 25 years of operational and executive leadership experience in the resources and engineering services sector. He was most recently the managing director of engineering, construction and asset management company, Calibre Group Ltd. Mr Baxter’s previous roles include Managing Director of Consolidated Minerals Ltd and Divisional Director with Anglo American Platinum Ltd.
Triton Minerals Limited – Supplementary Prospectus
This document is important and should be read in its entirety and in conjunction with the Prospectus dated 25 November 2015. If you do not understand its contents, you should consult your professional adviser without delay.
page |3
Mr Baxter’s career has included the delivery of growth and transformation strategies of substantial businesses in various industry sectors. He has also held board positions on listed company boards as well as peak industry bodies.
Mr Baxter holds a B.Sc in Mathematics and Chemistry, a Ph.D in Thermodynamics and an MBA.
Mr Baxter will receive fees as a Non-Executive Director commensurate with the approved non-executive director remuneration pool. See Section 4.11 of the Prospectus for further information.
SECTION 2 USE OF FUNDS AND PRO FORMA STATEMENT OF FINANCIAL POSITION
2.1 Use of funds
The Company has agreed to pay Mr Boyle the following payments associated with the cessation of his role as Managing Director and Chief Executive Officer and pursuant to the amounts in his executive services agreement with the Company:
? on 15 December 2015, an amount equal to one months’ salary (less tax);
? on 15 January 2016, an amount equal to one months’ salary (less tax);
? on 15 February 2016, an amount equal to one months’ salary (less tax); and
? on 15 March 2016, an amount equal to nine months’ salary plus his accrued entitlements.
12 months’ salary and accrued entitlements for Mr Boyle will total $599,036.
It is contemplated that these payments will be made from existing funds and from part of the allocation made towards general working capital set out in Section 1.2 of the Prospectus."
update Triton, zoals verwacht.... de koers staat nu op 13 dollarcent