CRP
18/08/2015 09:47
OFFICE
PRICE SENSITIVE
REL: 0947 HRS Chatham Rock Phosphate Limited
OFFICE: CRP: Contract for Services
18 August 2015
NZX Market Announcement
Contract for Services
Chatham Rock Phosphate (CRP) is pleased to advise that it has entered into a
contract for services with Chris Castle.
Chris has previously been contracted to act as the Chief Executive Officer of
CRP through a contract with Aorere Resources Limited. However in order to
simplify this structure Chris is now contracting directly to CRP.
Chris will continue to be contracted as the Chief Executive Officer for an
initial term of 3 years. Chatham Rock Phosphate will pay Chris $60,000 per
annum in cash and, $180,000 per annum in CRP Shares by reference to the
relevant prevailing market rate, contingent on Chris achieving certain key
milestones for CRP. This represents a significant reduction in cash
remuneration to recognise the circumstances of CRP and the share component is
considered appropriate in aligning Chris's interests with those of
shareholders.
Robert Goodden
Chairman
[email protected]
End CA:00268574 For:CRP Type:OFFICE Time:2015-08-18 09:47:24
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