4 Jun 2018 08:35
4 June 2018
Red Emperor Resources NL ("Red Emperor")
Board and Senior Management changes
The Board of Red Emperor Resources NL ("Red Emperor" or the "Company") is pleased to advise that it has today appointed Mr. Gracjan P. Lambert as its new Chief Executive Officer ("CEO").
Mr. Lambert brings with him a wealth of technical and commercial experience in the global oil and gas industry, built over more than 20 years working in Europe, Asia (including the Middle East), Australia, North and South America, and Africa. He has spent the last 10 years at ExxonMobil in diverse roles including managing global field operations and leading complex international commercial negotiations. Over the course of his career he has leveraged his proven commercial track record and technical expertise to inform profitable decision making and leadership. Mr. Lambert holds a PhD in Exploration Geophysics from Curtin University in Western Australia and will be relocating back to Perth to fulfil his role as CEO.
Commenting on the appointment, Managing Director Greg Bandy said:
"We are delighted to have attracted someone with Gracjan's expertise and experience to our management team. He will be a valuable addition to the Company and will specifically focus on managing, reviewing and introducing projects and assets to the Company."
Mr Lambert will not be a Board member of Red Emperor. Details of Mr Lambert's remuneration and key contractual terms are included in Appendix 1.
Board Changes
As well as this significant addition to the senior management team, the Company has also appointed Mr. Aaron Bertolatti to the Board. Mr. Bertolatti, who is currently Red Emperor's Company Secretary, is a qualified Chartered Accountant with over 10 years' experience in the mining industry and accounting profession. Mr. Bertolatti has both local and international experience and provides assistance to a number of resource companies with financial accounting and stock exchange compliance. He has significant experience in the administration of ASX listed companies, corporate governance and corporate finance. Mr. Bertolatti was previously Australian Chief Financial Officer of Highfield Resources Ltd (ASX: HFR) and acts as Company Secretary for listed ASX companies, Fin Resources Ltd (ASX: FIN), American Pacific Borate & Lithium Ltd (ASX: ABR), Arc Exploration (ASX: ARX) and Berkut Minerals Limited (ASX: BMT). Mr Bertolatti is also a Director of Odin Metals Limited (ASX: ODM).
Mr. Nathan Rayner has resigned from the Board of Red Emperor, effective immediately, due to personal circumstances. The Company would like to thank Mr. Rayner for his time and effort in over the past 3 years.
The following information is disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies:
Mr. Aaron Bertolatti (aged 36), currently holds 375,000 ordinary shares in the Company, representing 0.09 per cent. of the Company's share capital.
Current Directorships/ Partnerships | Former Directorships/Partnerships (past 5 years) |
Odin Metals Limited | American Pacific Borate & Lithium Limited |
Sentinel Minerals Limited | The Colonial Copper Company Pty Limited |
1918 Consulting Pty Limited | Strzelecki Mining Pty Limited |
Riverside Corporate Pty Limited | Union Resources Pty Limited |
Punch Resources Limited | Brazphos Pty Limited |
Albosaggia Super Pty Limited | Icon Gold Pty Limited |
Punch Resources Limited | Surat Gas Pty Limited |
KCL Resources Limited |
There is no further information to be disclosed pursuant to Rule 17 or Schedule 2(g) of the AIM Rules for Companies.
For further information please visit http://www.redemperorresources.com/ or contact:
Red Emperor Resources:
Greg Bandy +61 8 9212 0102 Grant Thornton UK LLP (Nominated Adviser):Philip Secrett, Jen Clarke 020 7383 5100
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
APPENDIX 1:
Summary of the Key Terms of the Executive Service Agreement between Red Emperor Resources NL and Mr. Gracjan P. Lambert.
1. Remuneration
The Company will pay to the Executive for services rendered a salary of $180,000 per year, on a Total Employment Cost basis. Total Employment Cost means the cost to the Company of providing remuneration to the Executive and is inclusive of base salary (exclusive of superannuation), taxes and non-cash benefits and any other benefit specifically provided in the Executive Service Agreement.
2. Term
Subject to the provisions for termination of the Employment contained in this Agreement (see section 4 below), the Employment will be for a term of 1 year commencing on the Commencement Date.
3. Performance based bonuses
The Company may at any time during the Term pay to the Executive a performance-based bonus over and above the Salary. In determining the extent of any Performance Based Bonus, the Company shall take into consideration the key performance indicators of the Executive and the Company, as the Company may set from time to time, and any other matter that it deems appropriate.
4. Termination
Mr. Lambert's employment may be terminated at any time on one (1) months' notice or payment in lieu of notice, for any reason, including if in the opinion of the Board his performance is unsatisfactory.
Mr. Lambert may terminate his employment with the Company at any time on three (3) months' notice or, at Red Emperor's election, payment in lieu of notice.