re: Ann: New Managing Director Profile & Arra... note from Petra...

re: Ann: New Managing Director Profile & Arra... note from Petra Capital re Wayne Bould:
GRR has announced the closure of its Perth office and will relocate all functions to the Burnie office in Tasmania.
• Burnie is already where all the finance operations and most of the operational functionality of the existing Savage River business are run from.
• With no obvious triggers for Southdown to be kick-started, a Perth office mainly just to house the Managing Director has looked increasingly anachronistic.
• There will be some modest ongoing savings associated with this once closure costs are finalised.
GRR has announced newish MD Richard Mehan (about 12 months in role) has consequently left the company and will be replaced by existing COO Wayne Bould.
• Mr Bould has been the key man running the operations of Savage River and overseen the rehabilitation of operations with the two pit wall collapses.
• On my visit to Savage River and in other dealings with him, I have been impressed by his grasp of the operations and of the company.
• He has also presented the company’s credentials at various conferences when called to do so and done so comfortably.
• He joined the company in 2008 was integral in its merger with Australian Bulk Minerals (which had the Savage River operations).
• He has extensive relevant mining and management experience.
• He becomes Managing Director with immediate effect and has a fixed salary of $500,000pa.
• I think his appointment is a net positive