Perth-based southern African platinum producer Aquarius Platinum Ltd has seen over $27 million in directors interests sold down on market trades this month.
Perth-based southern African platinum producer Aquarius Platinum Ltd has seen over $27 million in directors interests sold down on market trades this month.
The company, which is listed in Australia, London and Johannesburg, has seen non executive director Patrick Quirk reduce his indirect interest in the company, held through Chrometech Investments Ltd, by 1.2 million shares at an average price of $20.93 for a consideration of over $25 million. Chrometech was not listed in the company's top twenty shareholders in the 2005 annual report.
Prior to the sale, Mr Quirk held a beneficial interest in over 1.6 million shares in the company, valued at over $33 million. After the sale, he holds an interest in 429,878 shares, valued at about $8.7 million.
Executive director and CEO Stuart Murray reduced his direct interest in the company by 65,000 shares at ₤9 (approx $22.5) per share for a consideration of ₤585,000 (approx $1.5 million). After the sale, he holds 300,000 shares valued at approx $6.7 million.
Non executive chairman and non executive director Nicholas Sibley reduced his indirect interest in the company, held through Vidacos Nominees Ltd, by 60,000 shares at £9.01 (approx $22.5) per share for a consideration of £540,000 (approx $1.4 million). After the sale, he holds 700,000 shares valued at approx $15.7 million. Vidacos was listed in the company's top twenty shareholders in the 2005 annual report. The notification was with respect to a family trust, the beneficiaries of which are the children of the director.
Aquarius was originally an exploration venture which listed on the Australian Stock Exchange in 1999.
The company first entered into the platinum business in 1996, with the creation and implementation of the Kroondal project, based on an ore body located near the village of Kroondal on the Bushveld Complex in South Africa.
To raise funding for this project, Aquarius Platinum listed a 45 per cent subsidiary, Kroondal Platinum Mines Ltd, on the JSE Securities Exchange South Africa. Aquarius Platinum then acquired the Marikana project.
Aquarius successfully listed on London's AIM (Alternative Investment Market), a division of the London Stock Exchange in 1999.
At 930 WST, shares in Aquarius on the ASX were down 19 cents to $18.22.
Below are the directors details from the company's 2005 annual report:
Patrick D. Quirk B.Com
Non-executive Director
Mr Quirk has had a long and successful career in the metals and mining sectors, operating in Zimbabwe,
South Africa, the United Kingdom, Switzerland and Monaco. He was part of a consortium which
purchased the Mimosa Platinum Mine from Union Carbide in 1993. He is currently a director of Tati
Nickel. Mr Quirk holds a commerce degree from Rhodes University, Grahamstown. He currently resides
in London. Mr Quirk was appointed to the Aquarius Platinum Board during July 2002 and is a member of
the Nomination Committee of the group.
Stuart A. Murray B.Sc (Eng)
Chief Executive Officer
Mr Murray joined Aquarius Platinum Limited during May 2001 and was appointed Chief Executive
Officer. He is also Chairman of Aquarius Platinum (South Africa) (Pty) Ltd, the Group's 50.5% owned
subsidiary. Mr Murray is responsible to the board for the implementation of the group's strategic plan to
achieve 600,000 ounces of PGM production per annum in 2006. After obtaining his degree in Chemical
Engineering from Imperial College, London, Mr Murray commenced his career in 1984 with Impala
Platinum Holdings Limited. Mr Murray is a member of the Nomination and Executive Committees of
AQP(SA).
Nicholas T. Sibley, FCA
Non-executive Chairman
Mr Sibley is a chartered accountant, a director of TanzaniteOne Ltd, Corney & Barrow Group Ltd and of
two investment companies. He was formerly chairman of Wheelock Capital from 1994 to 1997, as well as
executive chairman of Barclays de Zoete Wedd (Asia Pacific) Limited, from 1989 to 1993. Mr Sibley is a
former managing director of Jardine Fleming Holdings Ltd and Barclays de Zoete Wedd Holdings Ltd.
Mr Sibley was appointed to the Aquarius Platinum Board during October 1999 and assumed the
Chairmanship in July 2002. Mr Sibley is a member of the Audit/Risk, Nomination and Remuneration &
Succession Planning Committees of the Group.
