Before Paladin and AVL, Peter Watson was CEO of Sedgman which I think was one of the taken over ASX company; Leighton’s pivotal jewel-in-the-crown acquisitions on its’ slow and rather nefarious creep to become CIMIC - a now completely non-Australian contractor that’s one of the biggest in Australia.
He likely has some very solid networking connections as well as being an astute leader and I wonder if he has agreed to put in some extra hours in order to provide a bit of seasoned ‘mentoring’
.. “Under the employment agreement, the Company will leverage Mr Watson's extensive technical and
project development experience to provide support on advancement of the Company's strategy and
other key business functions
The agreement is not for a fixed term and is subject to termination by either party with one month's
notice. In addition to his Non-executive Director fees, AVL will pay Mr Watson an annual fee of
$100,000, payable in equal monthly instalments, which is inclusive of superannuation. The Company
will reimburse Mr Watson for pre-approved out-of-pocket expenses. The agreement is on arms'
length and usual commercial terms for agreements of this nature and includes customary provisions
relating to confidentiality and intellectual property…
It sounds like there’s some short term challenges right now that his wisdom will help AVL tackle to it’s ultimate best advantage, so hopefully cheap at the price .
Just my two bits
cheers
and FWIW some background:
https://www.theaustralian.com.au/bu...r/news-story/544bdf6dd5ac2fddc68dd8e788aa6853
Sedgman defends CEO change clause despite CIMIC takeover
PAUL GARVEY
12:00amFebruary 05, 2016
Sedgman director Russell Kempnich, left, with CEO Peter Watson. Picture: David Kelly
The chairman of mining services group Sedgman has defended the company’s decision to add a material change clause to the contract of managing director Peter Watson, even as its hostile suitor CIMIC closes in on control of the group.
Sedgman yesterday announced that it had added a clause to the contract of Mr Watson and five other senior executives that entitles them to compensation in the event there is a change in their role.
In Mr Watson’s case it will entitle him to the equivalent of nine month’s salary should his duties change, opening up the prospect of significant compensation should CIMIC eventually alter the management structure of Sedgman. Mr Watson received a base salary of $654,332 in 2015 as part of a total package that saw him paid more than $1.2m.
Sedgman chairman Rob McDonald told The Australian that the contract changes had nothing to do with the timing of CIMIC’s offer.
He said the company had been working on an update of its contract conditions for the last few months, well ahead of the launch of CIMIC’s hostile bid in January.
“We’ve simply made Peter’s contract aligned with the modern contracts of most other chief executives,” Mr McDonald said.
“The inconvenient point is we’re announcing it when CIMIC is sitting there, but even if they weren’t there this is something we would have dealt with about now. We should have dealt with it earlier quite frankly.”
The company also announced that it had exercised its discretion to accelerate the vesting of its long-term incentive plan and share-appreciation rights scheme, subject to CIMIC moving past the 50 per cent ownership mark.
Those two initiatives will be worth about $10 million to 17 senior executives and employees of Sedgman, including Mr Watson.
Sedgman is yet to make a formal recommendation on the CIMIC offer, having told shareholders to take no action. Mr Watson and Mr McDonald, together with the rest of the Sedgman board, will consider a recommendation in coming weeks.
CIMIC, the contracting heavyweight formerly known as Leighton, has lifted its interest in Sedgman from 36.6 per cent to 45.4 per cent since it launched its $1.07 per share offer in mid-January. To date it has been buying up Sedgman stock on the market, with its formal offer not expected to open until next week. Sedgman shares closed steady at $1.075 yesterday.
also
https://newshub.medianet.com.au/202...with-acquisition-of-minsol-engineering/43267/
(20min delay)