INTEGRATED Group Limited director Malcolm Wardle has earned himself and his associates a $17.8 million pay day after being given leave to exit his employment contract with the group early.
INTEGRATED Group Limited director Malcolm Wardle has earned himself and his associates a $17.8 million pay day after being given leave to exit his employment contract with the group early.
INTEGRATED Group Limited director Malcolm Wardle has earned himself and his associates a $17.8 million pay day after being given leave to exit his employment contract with the group early.
Mr Wardle sold his 15.95 per cent stake in Integrated on September 3, netting $17.766 million for his 11,111,111 shares.
He also received payment in full of the $2 million he and his associates were owed for Integrated’s purchase of their company Total Marine Services.
Ray Meadowcroft has been chosen to take responsibility for the TMS business and Mr Wardle will remain involved in a consulting capacity.
Integrated chairman Neil Hamilton said Mr Wardle had elected to leave Integrated early because he had lost “his passion” for TMS now that it was no longer his company.
The TMS purchase had involved Mr Wardle staying on Integrated’s board until certain targets were met.
Mr Hamilton said TMS had performed far better than expected, hence the agreement to release Mr Wardle from his contract early.
“Mal Wardle has fully delivered on his part under the terms of this agreement,” he said.
When Mr Wardle sold TMS to Integrated for a cash and share consideration, Integrated shares had been worth around 90 cents. When he sold his stake last week Integrated’s share price was about $1.60.
Mr Hamilton said TMS provided workers, support vessels – including several large rig tenders – and catering for the offshore oil and gas industry.
With Mr Wardle leaving the business, room had opened
Mr Hamilton, who is also chairman of Chieftain Securities, said the investment company had once held a stake in Integrated.
“We distributed those shares amongst Chieftain shareholders rather than sell them on the market,” he said.
“The shareholders have actually done quite well because when we distributed the shares they were worth about 90 cents.”
With Mr Wardle’s holding freed up, large shareholders such as the ANZ, ING Australia, INVESCO Australia and the Commonwealth Bank of Australia have taken Integrated stakes in the past week.