Sirius Minerals Plc (SRUXY: OTC Link) | Finance Director and Chief Financial Officer Appointment

Finance Director and Chief Financial Officer Appointment

Feb 22, 2012

OTC Disclosure News Service

London, United Kingdom –

 

 

22 February 2012

 

 

Sirius Minerals Plc

 

(“Sirius” or the “Company”)

 

Finance Director and Chief Financial Officer Appointment

 

The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY), the globally diversified potash development group, announce the intention to appoint Jason Murray as Finance Director and Chief Financial Officer.  Andrew Lindsay has agreed to step down from his Executive and Board roles but, to remain a consultant once Jason Murray starts with the Company in approximately three months.

 

The Company would like to record its appreciation to Andrew for his leadership throughout the past year and wishes him every success in the future. During Andrew’s tenure, the Company has successfully completed two fund raisings enabling it to push ahead with its drilling and development programmes at the York Potash Project and further its North American and Australian projects.

 

Jason Henry Murray, 43, joins Sirius from Bank of America Merrill Lynch where he has been the Head of Capital Markets in Australia for the last five years.  Jason has over 20 years’ experience having held senior positions in Citigroup and JP Morgan and also worked in various accounting and finance sector roles in London, New York and Moscow.  In the last decade Jason has participated in raising over US$250 billion for global companies in the debt, equity and hybrid capital markets in the US, Europe and Asia.

 

As well as being at the forefront of capital markets globally, Jason, a British National, is a qualified UK Chartered Accountant and has a degree in Accounting.  Jason is currently a member of the Australian Institute of Company Directors and the British Institute of Directors.  Jason will split his time between the Company’s London and Sydney offices.

 

Russell Scrimshaw,Chairman of Sirius said:

 

“We are delighted that someone of Jason’s capability has agreed to join the Executive team and Board of Sirius.  Jason brings with him outstanding credentials in fundraising across many sectors and most importantly, the mining sector.  In addition Jason’s background in UK corporate taxation, corporate governance and building high performance teams will add greatly to the depth of the management team of Sirius.

 

On behalf of the Board and the shareholders I would also like to thank Andrew for his contribution since joining Sirius and wish him well for the future”.


Directorships currently held or previously held in the last five years by Jason Murray are as follows:

  • Current: none
  • Previous: Merrill Lynch International (Australia) Limited

 

As part of the appointment, the Company intends to grant Jason Murray twotranches of options:

  • 10,000,000 options that can be exercised at 30 pence per share.  These options vest on 1 July 2012 and lapse on 1 July 2015; and
  • 10,000,000 options that can be exercised at 45 pence per share.  These options vest on 1 July 2013 and lapse on 1 July 2017.

 

In addition, the Company has also agreed to issue to Jason Murray a total of 3,000,000 fully paid Sirius shares pursuant to the following schedule for nil consideration (“Retention Shares”):

  • On the 1st Anniversary of the Commencement Date 50% of the Retention Shares;
  • On the 2nd Anniversary of the Commencement Date 30% of the Retention Shares; and
  • On the 3rd Anniversary of the Commencement Date 20% of the Retention Shares.

 

In the event of a Change of Control of the Company the remaining unissued balance of the Retention Shares that have not already been issued will be issued at the point of the Change of Control. If Jason Murray’s employment is terminated then the entitlement to receive these shares will cease.

 

There is no further information on Jason Murray required to be disclosed under Schedule Two,

paragraph (g) (i)-(viii) of the AIM Rules for Companies.

 

Forfurther information, please contact:

 

 

 

AboutSirius Minerals Plc

Sirius Minerals is a globally diversified potash development company. Its primary focus is to bring on stream major potash mining facilities through the acquisition and development of projects overlying recognised potash deposits.  Today it holds properties in the United Kingdom (North Yorkshire), the United States (North Dakota), and Australia (Queensland and Western Australia).

 

The Company is additionally progressing ongoing innovation initiatives into the secondary uses of salt and potash beds for energy storage and carbon dioxide sequestration.

 

Incorporated in 2003, Sirius Minerals’ shares are traded on the London Stock Exchange’s AIM market.  Its shares are also traded in the United States on the OTCQX through the use of a sponsored ADR facility.  Further information on the Company can befound at www.siriusminerals.com.

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/SRUXY/news?id=42648

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