- Review of Board skills undertaken
- Two new Board appointments
As a result, Mr Zheng Xiaojiang has been appointed as a non-executive director. Mr Zheng is a senior finance executive and brings wide experience in the finance sector in both Australia and China (his experience includes having been the senior official for The People's Bank of China in Australia and New Zealand). Mr Zheng was responsible for facilitating the recent investment in LCK by China New Energy, our largest shareholder.
Additionally, Mr Phil Staveley's role will change from Chief Executive Officer to Managing Director. Mr Staveley joined LCK in 2015 as Chief Financial Officer, moving to the role of Chief Executive Officer in September 2016. The change in structure with his move to Managing Director will enhance the operation of the company in the future, facilitating improved co-ordination between the management team and the Board.
Mr Staveley is appointed as Managing Director on a salary of $350,000 p.a plus superannuation. Either party can terminate the employment, on giving at least 6 months' notice to the other party. Subject to termination clauses, Mr Staveley will also be paid a short term incentive of $30,000 if at any time during the 12 months from 5 December 2017, the share price trades at a 10 Day VWAP at or above $0.30.
Mr Zheng Xiaojiang has also been appointed as a consultant for LCK to conduct business in China on behalf of LCK to introduce possible future investment into LCK and to work with possible offtake partners for LCK. Mr Zheng's initial contract will be for 12 months for a full time consultancy fee of $230,000.00 per annum (excluding additional $50,000 per annum NED fee). The agreement allows either party to terminate the agreement with 7 days' notice.
Commenting on the appointments, Justyn Peters, Executive Chair of LCK said:
"It is a great accomplishment to complete these appointments and we are particularly pleased to welcome Mr Zheng to the Board. The additional knowledge, skills and insight that these appointments bring to the Board will be invaluable to LCK as we move through the PCD operations to the commercial phase of our development. These appointments, as well as enhancing our capabilities, represents another positive step in the development of the Leigh Creek Energy Project."
About Leigh Creek Energy Ltd
Leigh Creek Energy Limited (ASX:LCK) (OTCMKTS:MRTDF) is an emerging gas company focused on developing its Leigh Creek Energy Project (LCEP), located in South Australia. The LCEP will produce high value products such as electricity, methane and ammonium nitrate products (fertiliser and industrial explosives) from the remnant coal resources at Leigh Creek, utilising In Situ Gasification (ISG) technologies, and will provide long term stability and economic development opportunities to the communities of the Upper Spencer Gulf, northern Flinders Ranges and South Australia.
The Company is committed to developing the LCEP using a best practice approach to mitigate the technical, environmental and financial project risks.
Leigh Creek Energy acknowledges and respects the Adnyamathanha people, the Traditional Owners of the land on which its operations occur and pay our respects to their Elders past and present.
Leigh Creek Energy Ltd