Sims Metal Management (ASX:SGM)
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5 Years : From Oct 2011 to Oct 2016
Sims Metal Management Limited is pleased to announce that the Company
and Group Chief Executive Officer Mr Daniel Dienst have agreed that the
CEO’s current five-year employment contract which is due to expire on 30
June 2012 will continue until 30 June 2013. The Company has agreed to
make a one-off payment to Mr Dienst of US$500,000. If Mr Dienst were to
terminate his employment with effect before 30 June 2013 without "good
reason" then that amount would become immediately repayable to the
The Group Chief Financial Officer, Mr Rob Larry, will also roll his
existing contract over for a further year.
Cautionary Statements Regarding Forward-Looking Information
This release may contain forward-looking statements, including
statements about Sims Metal Management’s financial condition, results of
operations, earnings outlook and prospects. Forward-looking statements
are typically identified by words such as “plan,” “believe,” “expect,”
“anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project” and
other similar words and expressions.
These forward-looking statements involve certain risks and
uncertainties. Our ability to predict results or the actual effects of
our plans and strategies is subject to inherent uncertainty. Factors
that may cause actual results or earnings to differ materially from
these forward-looking statements include those discussed and identified
in filings we make with the Australian Securities Exchange and the
United States Securities and Exchange Commission (“SEC”), including the
risk factors described in the Company’s Annual Report on Form 20-F,
which we filed with the SEC on 14 October 2011.
Because these forward-looking statements are subject to assumptions and
uncertainties, actual results may differ materially from those expressed
or implied by these forward-looking statements. You are cautioned not to
place undue reliance on these statements, which speak only as of the
date of this release.
All subsequent written and oral forward-looking statements concerning
the matters addressed in this release and attributable to us or any
person acting on our behalf are expressly qualified in their entirety by
the cautionary statements contained or referred to in this release.
Except to the extent required by applicable law or regulation, we
undertake no obligation to update these forward-looking statements to
reflect events or circumstances after the date of this release.
All references to currencies, unless otherwise stated, reflect measures
in Australian dollars.
About Sims Metal Management
Sims Metal Management is the world’s largest listed metal recycler
with approximately 270 facilities and 6,600 employees globally. Sims’
core businesses are metal recycling and electronics recycling. Sims
Metal Management generated approximately 85 percent of its revenue from
operations in North America, the United Kingdom, Continental Europe, New
Zealand and Asia in Fiscal 2011. The Company’s ordinary shares are
listed on the Australian Securities Exchange (ASX: SGM) and its ADRs are
listed on the New York Stock Exchange (NYSE: SMS). Please visit our
for more information on the Company and recent developments.