Terracom had already paid its retired executive chairman a big bonus - now the miner reckons shareholders need to approve the payout.
The Queensland company told the ASX on Tuesday afternoon the money was “provided” in June to Mr Ransley for his role in clearing a debt hangover for the miner. Mr Ransley retired a month later.“The board had considered that the payment did not require shareholder approval at the time but is now seeking it,” Terracom said in a notice to investors.
The company, which has mines in central Queensland and South Africa, is spinning off cash with coal prices having appreciated and operations progressing. Operating earnings before interest, depreciation and amortisation were $224 million for the June quarter alone, the company said. He was also awarded a $450,000 payment in lieu of notice, but this fell below the threshold requiring shareholder approval, Terracom said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coal miners reject 5pc pay rises as not good enoughSouth32 coal miners have rejected a pay offer of up to 20 per cent over four years as they push for inflation-level wage growth and a greater share of profits.
Read more »
Start-up Frontya gets backing from Primo big salamis, readies raisingFrontya’s started sounding potential strategic investors and advisers for a Series A raising.
Read more »
BHP ‘deeply sorry’ as staff report 103 sexual harassment cases in a yearAustralia’s biggest miner has issued an apology to staff who have been subjected to sexual harassment across its offices, mine sites and accommodation villages.
Read more »
Why miners are racing to produce one of the world's most in-demand metalsNickel is a critical metal in batteries, and the world's miners are struggling to keep up with booming demand as consumers switch to renewables.
Read more »
Waiters, dishwashers offered $5k sign-on bonusSydney Restaurant Group is looking to outmanoeuvre its competition as an employer of choice over the peak season with a $5000 sign-on bonus amid a super tight jobs market.
Read more »
Crossbench MP prepares to wedge Victorian government on abortion access billVote on bill to guarantee access to abortions at publicly funded hospitals could happen Wednesday
Read more »