Another mention from 'The Australian' (w.e. edition Dec. 13/14)...

Another mention from 'The Australian' (w.e. edition Dec. 13/14)

"OUSTED PANAUST FOUNDER SUES"

"Founding PanAust chief executive Gary Stafford has taken legal action against his former company, demanding a bigger payout after he was last month abruptly told to leave the premises of the company he ran for 18 years.
"In his first comments since The Australian revealed he had been forced to unceremoniously leave the Brisbane premises of PanAust, which he built into a $1 billion copper miner, Mr Stafford said he had no idea why he had been pushed out so suddenly.
"He said he had arrived at PanAust's Brisbane premises for an agreed meeting with chairman Garry Hounsell on November 12, after the previous day delivering his resignation with three months' notice.
"Mr Stafford said an executive told him to leave the premises or the police would be called.
'It's disappointing that after 19 years service they treated me like that on that day' he told the Weekend Australian.
'They acted almost as if they were sacking someone for cause'.
"PanAust, which appointed an internal candidate, Fred Hess, as the company's new chief on November 14 has refused to discuss Mr. Stafford's leaving, beyond issuing a notice of his final interest in the company.
"PanAust announced the hunt for its second ever managing director in March, but put the search on hold when an incomplete $1.5bn. takeover offer from major shareholder Guangdong Rising Assets Management was received in May.
"In October, two weeks before Mr. Stafford left PanAust, the company revealed that opening its books to GRAM had not produced a better offer and that the matter had not progressed. Mr Stafford said he had filed a claim in the Brisbane District Court for breach of contract, including damages.
"he is seeking a better payout than the one offered.
"The stoush between Mr Stafford and the PanAust board has revealed that a succession plan presented by the company as a mutual decision between Mr Stafford and the board was actually board-driven.
"Mr Stafford had been keen to stay on.
"The reasons Mr Hounsell and the rest of the board were keen to move Mr Stafford on after 18 years in the job remain unexplained.
"While Mr Stafford had been on the nominations committee to select a new chief , he said he was unaware Dr Hess had been selected. Mr. Stafford said he reserved his right to seek other damages against Mr. Hounsell over reputational damage.
"PanAust has copper-gold operations in Laos and in August bought a controlling stake in the Frieda River copper-gold project in Papua New Guinea.
"Founding PanAust chairman Bob Bryan, who was also chairman of Queensland Gas Co before it was taken over by BG Group, has called for the removal of his PanAust successor, Mr Hounsell, over the treatment of Mr Stafford"


MM