30 Jul 2014 07:00
30 July 2014
Wolf Minerals Limited
Managing Director Remuneration Arrangements
Specialty metals exploration and development company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") wishes to advise amendments to the remuneration arrangements of the Company's Managing Director, Mr Russell Clark as required pursuant to ASX Listing Rule 3.16.4.
The Board has approved an increase in Mr Clark's base salary from A$400,000 per annum to A$450,000 per annum with effect from 1 July 2014. Mr Clark is also provided with statutory superannuation in accordance with the Superannuation Guarantee which increased from 9.25% to 9.5% on 1 July 2014 as per the relevant Australian legislation. Mr Clark's total fixed remuneration ("TFR") from 1 July 2014 is A$492,750.
Mr Clark also participates in the Company's Short Term and Long Term Incentive Plans.
The Company's Short Term Incentive ("STI") Plan is a cash based plan and its award is based on the attainment of Board approved objectives for each financial year.
Under the Long Term Incentive ("LTI") Plan, senior managers and the Managing Director are provided with performance rights for Wolf ordinary shares. Vesting of the LTI performance rights over defined periods is subject to the attainment of the LTI assessment criteria which are as follows:
- 50% calculated on Wolf's relative performance to a peer group of companies, being the AIM Basic Resources Index; and
- 50% based on Wolf achieving absolute Total Shareholder Return targets.
The table below details the quantum and split of Mr Clark's participation in the Company's STI and LTI plans.
Period | Maximum STI | Maximum LTI |
October 2013 - 30 June 2014 | 40% of Base Salary | 60% of Base Salary Subject to the attainment of assessment criteria this will vest in July 2016 |
1 July 2014 - 30 June 2015 | 55% of Base Salary | 45% of Base Salary Subject to the attainment of assessment criteria this will vest in July 2017 |
1 July 2015 - 30 June 2016 and subsequent years thereafter | 35% of Base Salary | 65% of Base Salary Subject to the attainment of assessment criteria this vests after 3 years |
Mr Clark has a written contract of employment with the Company. Termination may be effected with three months notice by either party. The Company may make payments in lieu of part or all of the applicable notice period. In the event that the Company terminates Mr Clark without cause it will be required to pay six months TFR to him. In the event that Mr Clark is made redundant the Company will pay the lesser amount of 12 months salary or his average annual salary over the preceeding three years.
Information about the amounts awarded under the STI and LTI plan for the financial year ended 30 June 2014 will be included in the Company's 2014 Annual Report.
ENDS
For further details, please contact:
Wolf Minerals Limited John Hopkins | +61 8 6364 3776 admin@wolfminerals.com.au |
Numis Securities John Prior/James Black/Paul Gillam | +44(0)20 7260 1000
|
Newgate Threadneedle Adam Lloyd/Josh Royston/Ed Treadwell | +44 (0) 20 7653 9842
|
Promotion and Marketing
The Company has a corporate video, which provides an update on the Hemerdon Project and it is available to view on the home page of the Wolf company website, at www.wolfminerals.com.au.
The Company's latest Investor Presentation is available, via the following link;
http://www.wolfminerals.com.au/asx-announcements/presentations