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25 Feb 2016 10:50
25 FEBRUARY 2016
| AIM/ASX Code: SO4
|
SALT LAKE POTASH LIMITED ("THE COMPANY") RELATED PARTY TRANSACTION |
On 1 July 2015, the Company signed a letter of variation with Apollo Group Pty Ltd ("Apollo") agreeing to pay Apollo a monthly retainer of A$15,000, effective from 1 July 2015 for the provision of serviced office facilities, company secretarial, corporate and administration services.
On 24 February 2016, the Company and Apollo agreed to increase the monthly fee to A$20,000 per month with effect from January 2016. The agreement has no fixed term, and is able to be terminated by either party with one month's notice.
The transaction described above constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies as Apollo Group Pty Limited is a related party of the Company by virtue of being an "associate" of Mark Pearce, a director of the Company, as Mark Pearce holds in excess of 30% of Apollo's share capital and is a director of Apollo.
The independent directors of Salt Lake Potash Limited, having consulted with the Company's nominated adviser, Grant Thornton UK LLP, consider that the terms of this transaction are fair and reasonable insofar as the Company's shareholders are concerned.
For further information please visit www.saltlakepotash.com.au or contact:
Sam Cordin | Salt Lake Potash Limited | Tel: +61 8 9322 6322 |
Colin Aaronson/Richard Tonthat/Daniel Bush | Grant Thornton UK LLP | Tel: +44 (0)207 383 5100 |
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