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Alliance Mineral swears in executive chairman; receives lawyers' letters from ex-CEO and wife
CATALIST-LISTED Alliance Mineral Assets said during Monda lunch break, that Pauline Gately has been redesignated executive chairman in recognition of her significant role in the proposed merger between the company and Australia-listed Tawana Resources.
Her new role at the Australian mining company will take effect from Aug 17.
Originally appointed the independent non-executive chairman, Ms Gately's new responsibilities as executive chairman include strategic planning development pertaining to the proposed merger with Tawana Resources, joint venture pursuits and relations, and liaising with investors and lenders for external funding.
She was formerly managing director of portfolio strategy and research of Codexa Capital LLC from 2006 to 2011, and property consultant at Ray White North Quays from 2013 to March 2018. Ms Gately holds 326,081 ordinary shares in Alliance Mineral.
Alliance Mineral and Tawana Resources in April agreed to a merger of equals to create a mid-tier lithium producer.
In a separate filing on Monday, Alliance Mineral said it had received lawyers' letters requesting confirmation of the date of issuance of compensation shares to its former CEO, Tjandra Adi Pramoko, and his wife Simone Suen Sze Man, a previous executive director of the company.
The letters, received after trading closed on Aug 17, requested, among other things, confirmation of when the company intends to issue 3.75 million shares each to Mr Tjandra and Ms Suen as compensation for services rendered, said the company.
Alliance Mineral reiterated that the proposed issuance of these compensation shares had not been approved by its shareholders at an extraordinary general meeting held on June 25. The company said it is in consultation with its legal counsels on the requests received from its former executives and will respond to these requests in due course.
The company had terminated the services of Mr Tjandra and Ms Suen in March this year, saying it had lost confidence in their abilities to continue their duties.
Alliance Mineral last traded at 32 Singapore cents.