A little bit extra for Chameleon directors
In the swim … Benny Elias, Paul Kelly and Tony Sage (clockwise from top). Illustration: John Shakespeare
It should be lobster all round after league legend Benny Elias and Perth Glory owner Tony Sage dispose of the formalities at Chameleon Mining's annual general meeting, to be held at a Perth fish market next month.
In a notice paper released to the market late on Tuesday night, Chameleon's board asked shareholders to approve an increase in the pool of money available to pay directors to a maximum of $500,000.
Not that the company disclosed the previous figure - and nor did last year's annual report, which did, however, let on that Chameleon paid its directors about $310,000.
In a happy coincidence, any extra money will have fewer mouths to feed. Following the exit of Anthony Karam, James Arkoudis and Jason Bontempo last month after Sage's Cape Lambert Resources upped its stake in Chameleon to about 15 per cent, the board now has just three members: chairman Elias, executive director Sage and solitary NED Paul Kelly, who is also the chief executive of the Glory.
Chameleon can afford to be a bit more generous, having settled its long-running lawsuit against Murchison Metals just before Christmas for $25 million - well shy of the up to $1.5 billion Elias speculated the claim might be worth back in 2009, but still a handy chunk of change.
The payout means the company is no longer just a litigation vehicle, having last month allocated $10 million of its new-found wealth to buying 55 per cent of a manganese mine in Kupang, located on the coast of Indonesian West Timor.
It's this change in focus that's behind the increase in director pay, a company flack told CBD.
''The remuneration figure proposed is in line with similar companies, namely junior exploration companies with off-shore assets and growth ambitions,'' he said.
He said the increased pool would allow the company to recruit ''suitably qualified board members'' to run the project, but it had no intention ''at this stage'' of paying out the whole amount.
Completing its transformation, Chameleon also wants shareholders to approve a change of name to Kupang Resources.
The meeting is set for May 25 at a function centre attached to upmarket seafood outlet Kailis Bros Fish Market, just a few minutes from Sage's Perth office.
How does Wesfarmers boss Richard Goyder know the British comedian Dawn French was the right woman to front an ad campaign touting supermarket subsidiary Coles's revamped Fly Buys loyalty card?
His sister says so.
During a conference call on Monday, Goyder was quizzed by CLSA analyst Richard Barwick on whether it was a risky move to import the former Vicar of Dibley.
''There has been enormous research on Dawn,'' Goyder said.
''And I can tell you I had dinner with my sister and my mother on Sunday night, and my sister said to me, 'How did you get her?' ''
Shoppers? ''They love it. They love it,'' Goyder said.