28/02/2008 - 17:48

Kiernan leaves Windimurra, Territory dumps shares

28/02/2008 - 17:48

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Windimurra Vanadium announces that Chairman Michael Kiernan and non-executive director Andrew Simpson have resigned from the Board, effective from 5pm Friday 29th February 2008.

Kiernan leaves Windimurra, Territory dumps shares

Windimurra Vanadium announces that Chairman Michael Kiernan and non-executive director Andrew Simpson have resigned from the Board, effective from 5pm Friday 29th February 2008.

Mr Kiernan, who is represented on the Board of a number of companies, advises that he has stepped down from the board to focus on his other business interests. Mr Simpson's increased work load, in particular his recent appointment as Chairman of India Resources, and his desire to focus on the continued expansion of Swick Mining, led to his decision to step down.

Following the resignations, Territory Resources Limited, of which Mr Keirnan is executive Chairman, has sold its holding of 13 million shares in Windimurra Vanadium to clients of Euroz Securities Limited at $2.00 per share.

Euroz Securities was the underwriter of Windimurra Vanadium's recent $54.8 million entitlements issue.

The Board of Windimurra Vanadium will meet next week to put in place a process, following accepted corporate governance guidelines, to determine the appropriate composition of the board going forward, and to establish a process for the identification and appointment of new directors.

The Board would like to thank Mr Kiernan and Mr Simpson for their contribution to the development of the Windimurra Vanadium project, which following the recent completion of finance, is due for first production in the last quarter of this year.


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