Following last Friday's EGM at which shareholders passed resolutions relating to capital issues to Trepang Services Pty Limited and Bentley Resources Pte Ltd, the company has today announced several changes to its Board structure...including the appointment of Nathan Tinkler as the MD/CEO on $500,000 per annum fee plus a sign-on bonus of $200,000. The employment agreement is ongoing but while Mr Tinkler has to give only 3 months' notice, Australia Pacific Coal has to give 12 months' notice or pay in lieu of notice (aka up to 12 months less any period they require the executive to work after notice is given). Unequal notice periods are not uncommon in executive service agreements, but shareholders always want to see this as short as possible. For context: Andrew MacKenzie at BHP Billiton has to give 6 months' notice to terminate his employment agreement on notice, while the company has to give 12 months to terminate on notice.


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Patrick Poke

I'm not sure I'd want someone with a history like that as MD/CEO if I were an AQC shareholder...