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TAW - Tawana Resources NL - Len Kolff appointed as Managing Director
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
ISIN: AU000000TAW7
Share code on the Australian Stock Exchange Limited: TAW
ISIN: AU000000TAW7
("Tawana" or "the Company")
Len Kolff appointed as Managing Director
The Directors of Tawana Resources NL (ASX: TAW) are pleased to announce
that Len Kolff has been appointed as a director of the Company.
Mr Kolff has been the Company`s Chief Executive Officer since joining
Tawana in July last year.
For further information, please contact:
Lennard Kolff van Oosterwijk
Managing Director
Warwick Grigor
Chairman
Appendix A
Details of Managing Director`s Remuneration
In accordance with ASX guidelines requiring listed entities to disclose
the relevant terms of the Managing Directors remuneration, Tawana
reports the following relevant terms of its employment agreement with
Mr. Len Kolff as amended today.
Duration of 3.5 years from June 2010 or longer as agreed between the
Contract parties
Services Those services usually required of a Managing Director of
a company the size and nature of Tawana
Remuneration $230,000 per annum plus superannuation
Performance Iron Ore Bonus
Related Upon the Company establishing a JORC compliant inferred
resource of 50,000,000 tonnes of direct shipping iron ore
or 100,000,000 tonnes soft itabirite then, subject to the
Employee`s continued employment with the Company, the
Company will pay to the Employee a pre-tax bonus of
A$120,000 (exclusive of superannuation) and issue to the
Employee or his nominee 20,000,000 options (or other
agreed instruments subject to taxation advice) to acquire
ordinary fully paid shares in the Company with an exercise
price to be agreed and an expiry date no less than three
years from the date of issue that will not vest until such
time as the Company completes a Definitive Feasibility
Study confirming the project can sustain a production
rate of 1,000,000 tonnes per annum of direct shipping iron
ore or 2,000,000 tonnes per annum of soft itabirite; and
Gold Bonus
Upon the Company establishing a JORC compliant resource of
500,000 ounces (at a 0.5 gpt cut-off grade and where 25%
of the JORC resource must qualify for inclusion in the
indicated category) of gold then, subject to the
Employee`s continued employment with the Company, the
Company will pay to the Employee a bonus of $120,000
(exclusive of superannuation)
Termination The agreement provides that the employment of Len Kolff
can be terminated by either party giving 3 months notice.
No termination payments are payable except in the event
that Tawana is the subject of a successful takeover and
where Len Kolff subsequently does not agree to ongoing
employment. In this instance Len Kolff is entitled to a
termination payment equal to 3 months salary.
Appendix 3X
Initial Director`s Interest Notice
Information or documents not available now must be given to ASX as soon
as available. Information and documents given to ASX become ASX`s
property and may be made public.
Introduced 30/9/2001.
Name of entity Tawana Resources NL
ABN 69 085 166 721
We (the entity) give ASX the following information under listing rule
3.19A.1 and as agent for the director for the purposes of section 205G
of the Corporations Act.
Name of Director Lennard Alexander Kolff van
Oosterwijk
Date of appointment 27 October 2011
Part 1 - Director`s relevant interests in securities of which the
director is the registered holder
In the case of a trust, this includes interests in the trust made
available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph
(i) of the definition of "notifiable interest of a director" should be
disclosed in this part.
Number & class of securities
Nil
Part 2 - Director`s relevant interests in securities of which the
director is not the registered holder
In the case of a trust, this includes interests in the trust made
available by the responsible entity of the trust
Name of holder & nature of interest Number & class of Securities
Note: Provide details of the
circumstances giving rise to the
relevant interest. 5,000,000 Unlisted Options (3c, 9
Sept 2012)
Securities are held by Mr Kolff`s 5,000,000 Unlisted Options (5c, 9
spouse. Sept 2014)
Part 3 - Director`s interests in contracts
Note: In the case of a company, interests which come within paragraph
(ii) of the definition of "notifiable interest of a director" should be
disclosed in this part.
Detail of contract
Nature of interest
Name of registered holder
(if issued securities)
No. and class of securities to which interest relates
27 October 2011
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 27/10/2011 10:02:13 Supplied by www.sharenet.co.za
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