Copper that
Queensland copper miner, Cudeco, has severed its last tie with company founder Wayne McCrae, after reaching a settlement with its former executive chairman over his ejection from the company two years ago.
A deed of settlement will result in McCrae pocketing $500,000 for "alleged unpaid termination entitlements" plus $150,000 for his legal costs.
As McCrae might put it: better than a "a dog with two dicks".
We assume Cudeco's interim chairman Peter Hutchison – who initially replaced McCrae as chief executive officer – led the negotiations on behalf of the board.
It brings McCrae's interest in Cudeco to an end. A quick check of the copper miner's annual report reveals that McCrae sold his 2.26 million shares sometime during the current financial year, possibly prior to him suing Cudeco in the Queensland Supreme Court over his entitlements.
Unbelievable, what a crock, not sure if I spelt that correctly.
CDU Price at posting:
33.0¢ Sentiment: None Disclosure: Not Held
