Waratah Announces Changes to Its Board of Directors
December 22 2008 - 12:48AM
Marketwired
Waratah Coal Inc. ("Waratah" or the "Company") (TSX VENTURE:
WCI)(ASX: WCI) announced today that Mr. Shaun Maskerine, Mr.
Nicholas Mather, Mr. Howard Stack and Mr. Andrew Wilson (the
"Outgoing Directors") have resigned from the Board of Directors.
These resigning Board members have been replaced by Professor Clive
Palmer, Mr. Clive Mensink, Mr. Geoffrey Stephen Smith and Mr.
Domenic Martino (the "Incoming Directors"). Peter Lynch, Waratah's
President and Chief Executive Officer, will continue to hold his
position as a Director. Professor Palmer has been named the
Chairman of the Board.
Mr. Maskerine has also resigned from his position as Waratah's
Corporate Secretary. He has been replaced by Mr. Derek Payne.
Waratah would like to thank the Outgoing Directors for their
contributions to the Company and welcome the Incoming Directors and
the new Corporate Secretary.
These changes follow the acquisition of approximately 73.2% of
the outstanding Waratah common shares by Mineralogy Canada
Acquisition Corp. ("Mineralogy Canada"), a wholly owned subsidiary
of Mineralogy Pty Ltd. ("Mineralogy"), by way of a take-over bid.
Together with shares previously purchased, Mineralogy Canada now
owns approximately 90.7% of the issued and outstanding Waratah
common shares. The Incoming Directors and the new Corporate
Secretary are all nominees of Mineralogy.
Mineralogy Canada has amended its take-over bid to extend the
deadline for acceptance to 5:00 p.m. (Vancouver time) on January 5,
2009. Mineralogy Canada has stated that it intends, after the
expiry of its take-over bid, to enter into one or more transactions
to enable it or one of its affiliates to acquire all of the Waratah
common shares not deposited pursuant to the take-over bid for the
same consideration as provided under the take-over bid.
Professor Clive Palmer
Professor Palmer has over 25 years experience in the Australian
resource industry and has had significant success with major
projects. He is Chairman and Founder of Mineralogy, a private
Australian Company that has successfully concluded major
transactions with a number of companies including the Chinese
Government-owned CITIC Pacific Limited (HK Listed), Australasian
Resources Limited (ASX Listed) and a Memorandum of Understanding
with Fortescue Metals Limited (ASX Listed).
Mineralogy holds one of the world's major iron ore deposits
estimated to be over 160 billion tonnes in the Pilbara region of
Western Australia. CITIC Pacific Limited has commenced the
development of a A$4 billion project, funded by Chinese Government
owned Banks, to export 24 million tonnes of iron ore annually from
Western Australia. Professor Palmer is also a Director of 28 other
companies and a leader in the Australian community with business
affiliations throughout the world.
Mr. Clive Mensink
Mr. Mensink is a Senior Executive Officer with Mineralogy and
has been with Mineralogy for over 15 years. As Project Manager for
Mineralogy's numerous exploration programmes, Mr. Mensink has
played a key role in the development of the Balmoral South Project.
He has led and has been instrumental in the success of numerous
business delegations which have represented Mineralogy in the
Peoples Republic of China.
Mr. Geoffrey Stephen Smith
Mr. Smith has 28 years experience as a lawyer and a senior
partner in the prominent Queensland, Australia legal firm of Bell
Legal Group. Mr. Smith has extensive experience in commercial
litigation, intellectual property and corporate work throughout his
long career and has been a registered arbitrator for over 10 years.
Mr. Smith retired as a principal of his legal practice to take up
his appointment as Managing Director Legal of Mineralogy.
Mr. Domenic Martino
Mr. Martino was the Chief Executive Officer of Deloitte Touche
Tohmatsu in Australia from 2001 to 2003. During that time he was
also a member of the Global Executive Committee of Deloitte Touche
Tohmatsu International. Prior to taking on the position as Chief
Executive Officer he was the Managing Partner of Deloitte Touche
Tohmatsu's New South Wales operations from 1998 to 2001. He was a
partner of Deloitte Touche Tohmatsu and its predecessor firms from
1981 to 2003 during which time, in addition to a number of
management operational roles, he specialised in the corporate
finance area including mergers and acquisitions, initial public
offerings and strategic opportunities. Mr. Martino is a Director
and Non-Executive Chairman of Australasian Resources Ltd, a
Director and Chairman of Computercorp Limited, and a director of
AIM/TSX listed Gladstone Pacific Nickel Ltd. He was a founding
Director and former Chairman of coal bed methane companies Sydney
Gas Limited and Blue Energy Limited (formerly Energy Investments
Limited).
Mr. Derek Payne
Mr. Payne has a Bachelor of Commerce degree majoring in
Accounting and Finance and in Information Systems and Management
Science. He is a Certified Practising Accountant, currently engaged
by Mineralogy as Finance Director, Manager of Cold Mountain Stud
Pty Ltd and director of Bushjet Pty Ltd.
Mr. Payne has a wide range of experience in business and
financial management issues within a diverse range of industries
including broadcasting, performance arts, corrections, financial
services, training and mining development.
A particular focus has been the implementation of financial
systems, policies and compliance for start ups and for newly
corporatized entities. Derek has been actively engaged in
Corporations Law compliance work, secretarial duties, strategic
planning, built asset maintenance, IT network support as well as
more usual financial controller functions and management and
financial accounting operations.
This press release does not constitute an offer to sell or a
solicitation to buy any of the securities of Waratah in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended ("the
U.S. Securities Act") or any state securities law and may not be
offered or sold in the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Cautionary language:
Except for the historical and present factual information
contained herein, the matters set forth in this news release,
including words such as "expects", "projects", "plans",
"anticipates" and similar expressions, are forward-looking
information that represents management of Waratah's internal
projections, expectations or beliefs concerning, among other
things, future operating results and various components thereof or
the economic performance of Waratah. The projections, estimates and
beliefs contained in such forward-looking statements necessarily
involve known and unknown risks and uncertainties, which may cause
Waratah's actual performance and financial results in future
periods to differ materially from any projections of future
performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, among other
things, those described in Waratah's filings with the Canadian
securities authorities. Accordingly, holders of Waratah shares and
potential investors are cautioned that events or circumstances
could cause results to differ materially from those predicted.
Waratah disclaims any responsibility to update these
forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Waratah Coal Inc. Peter Lynch President and CEO +61 7
3303 0692 Email: plynch@waratahcoal.com Website:
www.waratahcoal.com
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