OZ Minerals has established a regular share purchase program to enable Mr Terry Burgess, the recently appointed Chief Executive Officer, to apply a portion of his monthly after tax salary in regularly acquiring shares in OZ Minerals on ASX at the prevailing market rate.
The purpose of the program is to enable a trustee for Mr Burgess to acquire a material shareholding in the Company over time, thereby creating greater alignment with the interests of OZ Minerals’ shareholders, through regular purchases of shares on market in a manner that will not breach the insider trading provisions of the Corporations Act.
Mr Burgess has elected to apply $10,000 of his after tax monthly salary in having OZ Minerals’ shares purchased in this manner. The first purchase under the plan is due to occur later this month.
This program is not an incentive scheme, does not operate to allow income tax deferral for the CEO and provides no discount from the market price for OZ Minerals shares acquired on ASX on the relevant day each month.
Shares acquired under the program are subject to a trading restriction and Mr Burgess cannot sell or deal with those shares without prior approval from the Chairman.
The Company has established an arrangement with Goldman Sachs JB Were Pty Ltd, pursuant to which they will independently acquire shares on behalf of the trustee on a monthly basis (except during the black out periods applicable under the Company’s Securities Trading Policy). Mr. Burgess will pay the brokerage cost on these transactions. Appropriate ‘Chinese wall’ arrangements have been established by both the Company and the Broker that are designed to ensure that the people executing the purchase are quarantined from price sensitive non-public information regarding the Company, and if at any time those persons do come into possession of such information the mandate will be suspended while that situation continues.
The Board may, from time to time, invite other senior executives who are routinely privy to material price sensitive information regarding OZ Minerals and therefore limited in their opportunities to purchase shares in OZ Minerals, to participate in the program.
The Board strongly endorses this program and Mr Burgess’ commitment to using his own funds to acquire shares in OZ Minerals in this manner.
OZL Price at posting:
$1.17 Sentiment: Buy Disclosure: Held
