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The Australian reported that Macquarie Bank is standing firm on itsbid to overhaul the board of coal junior Coalworks, raising renewedconcerns about the salaries of key management and the lack ofdetail on a deal with Hong Kong's Noble Group. The investment bank has written to shareholders to provide furtherdetail on its reasons for calling a general meeting for June 15th2012 to remove non executive chairman Mr Wayne Mitchell and MD MrAndrew Firek and replace them with two directors proposed byMacquarie. The key concerns centre on Coalworks' recent deal with Noble Group.This included a share placement and the appointment of the HongKong trading group as a strategic adviser, and the junior'sremuneration package. Macquarie executive director Mr Gavin Bradley said that Mr Firekhas advised the bank that although more than one adviser wasconsidered for selection as a strategic adviser, no competitivetender process was conducted before the appointment of Noble Group. The call to sack the top executives follows a similar move lastyear when Macquarie, along with two other significant shareholders,voted against four of the five resolutions at Coalworks' annualmeeting on November 11th 2011, which led to the ousting of twodirectors. Macquarie outlined in its letter to shareholders last week that oneof the resolutions it voted against at the AGM was the remunerationreport, because of concerns about the rapid increase in salaries. Mr Bradley said that "Total remuneration paid to key managementpersonnel of Coalworks during the year ended June 30th 2011, morethan tripled compared to the previous financial year from USD829,972 to USD 3,083,420." The junior coal company has said that last year's remunerationincluded one off bonuses for the completion of a JV deal withJapan's Itochu on its Vickery South project and a deal withBoardwalk Resources on the Ferndale asset. Coalworks is also fighting against a USD 142 million takeover bidby Whitehaven Coal, which earned an interest in Coalworks throughits takeover of Nathan Tinkler's Aston Resources and BoardwalkResources. Coalworks has argued that Macquarie's move to oust the chairman andmanaging director is opportunistic because the bank intends to makeit easier for Whitehaven to gain control of Coalworks. But Macquarie has said that when it requisitioned the generalmeeting to sack the men it was not aware of Whitehaven'sintentions. Coalworks has reiterated that it firmly believes that replacing MrMitchell and Mr Firek with Macquarie's nominees would put thecompany in a much weaker position to respond to offers and weakenthe board's ability to maximize value for shareholders. Source - The Australian. I am an expert from ptfefep.com, while we provides the quality product, such as Teflon Ptfe Sheet , Ptfe Teflon Rod, Ptfe Teflon Rod,and more.
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