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Alliance Mineral former CEO and executive director dispose 37m shares for S$12.6m
ALLIANCE Mineral Asset's former chief executive and a former executive director are no longer substantial shareholders of the Australian mining company after selling nearly all their shares for about S$12.58 million in a married deal.
In an exchange filing on Monday, the firm announced that Living Waters Mining Australia, an investment vehicle controlled by former CEO Tjandra Adi Pramoko and his spouse, former executive director Suen Sze Man, had on June 1 sold 37 million shares at an average price of 34 Singapore cents apiece. The disposal pared the couple's deemed stake in the company to 0.02 per cent from 5.87 per cent.
Earlier this year, Alliance Mineral had given notices of termination to both Mr Pramoko and Ms Suen, who ceased to hold their positions at the company with effect from March 1. Among other things, the firm noted that it had "lost confidence" in Mr Pramoko's and Ms Suen's ability to serve the company in their respective designations.
The loss of confidence from majority of its board in Mr Pramoko was mainly attributed to substantial shareholders and key business partners informing the board that they did not wish to deal with the company as long as Mr Pramoko remained as CEO; and that he had attracted a series of personal litigation which involved allegations of breaches of promises, raising questions of integrity, Alliance Mineral had said.
Similarly, its decision to terminate Ms Suen was undertaken by considering the views of its substantial shareholders and business partners, as well as majority of its board having the view that Ms Suen's continued occupation as executive director would undermine the board's decision to terminate Mr Pramoko, since she is his spouse.
Both Mr Pramoko and Ms Suen have reserved their rights to challenge the company's decision.
Shares in Alliance Mineral last traded at S$0.36 as at 9.18am on June 1, up by 1.4 per cent or half a cent.