determined that it is appropriate to make an ex gratia payment to Mr Hegerty of $8.35 million. The ex gratia payment recognizes Mr Hegerty’s outstanding contribution to Oxiana’s growth and success over fourteen years since 1994 and his salary compensation in recent years relative to his peers.
One month ago, the Oxiana board humiliatingly withdrew a resolution which sought to pay Hegerty a $10.7 million golden farewell. As Oxiana noted at the time:
"It was clear to the board based on proxies which had been lodged prior to the meeting that shareholders would decline to support the payment to Mr Hegerty."
OZL Price at posting:
$14.25 Sentiment: Hold Disclosure: Held
