Territory restructures in wake of Noble offer

Territory Resources managing director Andy Haslam says he will step down as part of a major restructure following the $133 million on-market takeover bid by Hong Kong investment house Noble Group.

Fellow directors Fiona Harris, Giuseppe Ariti, Michael Donaldson and Ian McCubbing will also step down from the Territory board.

Noble Group Coal & Coke division head William Randall and Australian Institute of Mining and Metallurgy fellow Barry Bolitho will be appointed as new directors of Territory, effective July 31.

Chairman Andrew Simpson will stick on with the company to guide the new board while it transitions to a new management structure.

Mr Simpson paid tribute to Mr Haslam’s contribution to Territory, saying he played an important role in improving performance at the Frances Creek iron ore mine.

“On behalf of the board, I would like to thank Andy for his contribution which was instrumental in ensuring the company was able to navigate through the global financial crisis and reposition itself to take advantage of the recovery in the iron ore market,” Mr Simpson said.

Noble launched its bid for Territory last month, offering 50 cents per share, warding off the takeover efforts of South Africa’s Exxaro Resources, which had submitted a highly conditional $123 million offer.

Territory owns and operates the Frances Creek iron ore mine in the Northern Territory.

The company lodged a $9.9 million interim net profit in March, down from $13.7 million net profit in the previous corresponding period because of the severe wet season in northern Australia.

The Noble Group operates from 120 offices in 40 countries, managing a diversified portfolio of commodities, metals and minerals.

It holds interest in iron ore and coal mines, grain crushing facilities and fuel terminals, among other key infrastructure investments.