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PRAIRIE LITHIUM LIMITED — Remuneration Information 2012
Apr 2, 2012
65572_rns_2012-04-02_e169a34c-72c8-4947-bfc3-079f6c4bcfe9.pdf
Remuneration Information
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ASX RELEASE 3 April 2012
Chief Executive Officer remuneration package
ZYL Limited (ZYL; ASX: ZYL) , the Perth-based emerging anthracite producer with two key projects in South Africa, is pleased to announce finalisation of an employment contract with its Chief Executive Officer, Mr Ian Benning. The contract includes a base salary and a management incentive package which is designed to align the interests of management to those of shareholders.
Executive Chairman Mr Bevan Tarratt said: ‘The Board is extremely pleased to have someone of Mr Benning’s experience take on the role of CEO. Mr Benning’s practical knowledge of mining operations and production provides ZYL with the expertise needed to advance both ZYL’s Mbila and Kangwane projects to production.’
The material details of the employment contract are set out below.
Base salary
$350,000 per year inclusive of superannuation, reviewed annually.
Management incentive package
Subject to shareholder approval, Mr Benning (or his nominee) will be offered up to 6,000,000 ordinary shares pursuant to the Employee Share Plan, which will be subject to voluntary escrow, until various milestones are satisfied.
Termination provisions
The Company may terminate Mr Benning’s engagement at any time by giving two months’ notice. In the event of the Company terminating the agreement within the first 18 months from the commencement date for a reason other than a dismissible offence, the Company will be obliged to pay Mr Benning a total of 12 months’ base salary.
ENDS
Contact:
Nicholas Ong, Company Secretary, ZYL Limited
T: +61 (0) 8 9486 4036
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M: +61 (0) 424 598 561
Corporate Office:
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Level 8, 225 St Georges Terrace, Perth 6000,Western Australia Tel: +61 8 9486 4036 Email: [email protected] PO Box 7653, Cloisters Square, Perth 6850, Western Australia Fax: +61 8 9486 4799 Web: www.zyllimited.com.au
Media - South Africa
James Duncan, Russell and Associates
T: +27 (0) 11 880 3924 M: +28 (0) 82 892 8052 E: [email protected]
Media - Australia
Annette Ellis, Purple Communications T: +61 (0) 8 6314 6300 M: +61 (0) 458 200 039 E: [email protected]
About ZYL Limited
ZYL Limited is listed on the Australian Securities Exchange (ASX) and aims to become one of the world’s leading anthracite coal producers. The mission of ZYL is to develop high-margin metallurgical coal deposits for domestic and export markets. Flagship projects are the Mbila and Kangwane anthracite projects in South Africa, located close to rail, port, power and water infrastructure.
Important information
The information in this announcement is an overview and does not contain all information necessary to make an investment decision. To the extent permitted by law, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or other information contained in this announcement, any of which may change without notice. This document is not a prospectus, disclosure document or offering document under Australian law or under any other law. It does not constitute an offer or invitation to apply for securities. It is for information purposes only. This announcement is not an offer of securities for subscription or sale in the United States or any other jurisdiction in which such an offer or solicitation is not authorised or to any other person to whom it is unlawful to make such an offer or solicitation. Some of the information contained in this announcement constitutes forward-looking statements that are subject to various risks and uncertainties, not all of which may be disclosed. These statements discuss future objectives or expectations concerning results of operations or financial condition or provide other forward-looking information.
Prospective investors should make their own independent evaluation of an investment in the securities. The material contained in this document does not take into account the investment objectives, financial situation or particular needs of any particular investor. No recommendation to investors regarding the suitability of the securities has been made and the recipient must make its own assessment and/or seek independent advice on financial, legal, tax and other matters, including the merits and risk involved. This announcement and its contents have been distributed to you, in confidence, solely for your information and may not be retransmitted or otherwise reproduced or disclosed to third parties or made public in any way, in whole or in part, for any purpose without written permission.
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