Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: Peter Bourgeois who wrote (6142)	8/14/2000 5:00:25 PM
From: eyewatch	Read Replies (2) \| Respond to of 7235

Attention Business Editors: New SouthernEra Board Revises Compensation Policies TORONTO, Aug. 14 /CNW/ - The Board of Directors of SouthernEra Resources Limited announced today that it has revised the Company's compensation policies for Directors and officers to align them more with the interests of shareholders. The Company has discontinued the practice of providing senior officers with termination agreements paying up to 300% of annual salary in the event of a change of control. "We believe that the effect of such arrangements is to penalize shareholders for exercising their ownership rights," said Rudi Fronk, a SouthernEra Director. "We are currently investigating whether a number of such existing arrangements were properly authorized and intend to contest their validity vigorously." Chris Jennings, the Company's Chairman, has voluntarily agreed to surrender his termination agreement without compensation. In the Company's new policy, employment contracts will limit termination pay to a maximum of one year. To receive the maximum, employees will need to have at least one full year of service. The practice of paying Directors to attend Board and Board Committee meetings in addition to stock options has been discontinued. Directors will receive only stock options as compensation for performance of their duties as Directors. Directors who perform management-related duties may receive cash compensation. The terms of stock options granted to senior officers and Directors has also been revised. No options will be granted with an exercise price below C$ 1.50. One third of options will vest immediately; the remainder will vest upon share price performance. "We believe that SouthernEra's key people should not have options vest with time but rather with success in achieving enhanced value for shareholders", said Mr. Fronk. Options will be limited to a five year term, down from ten years previously. Shareholders will not be asked to approve an additional allotment of options beyond those previously approved. "With the cancellation and expiration of existing options, no additional dilution should be necessary," said Mr. Fronk. At the annual meeting of shareholders held on June 6, 2000, a motion to create additional options was opposed by new members of the Board of Directors and defeated by shareholders. Searches for a new CEO and COO are nearing completion and announcements are expected shortly. SouthernEra Resources Limited is a diamond mining and exploration company and an emerging platinum group metals producer. The common shares of SouthernEra are traded under the symbol SUF on the Toronto Stock Exchange. %SEDAR: 00004535E -0- 08/14/2000 For further information: PLEASE CONTACT: SouthernEra Resources Limited, Rudi P. Fronk, Director, Telephone: (416) 359-9282, Fax: (416) 359-9141, e-mail: inbox@southernera.com -------------------------------------------------------------------------- Subscribe to Reports@CNW to receive annual reports from participating Canadian corporations. The Internet-based service, offered free to investors, allows you to request annual reports to be sent directly to your home or office. Or, if the report is available electronically, you can elect to receive an e-mail containing the Internet address for viewing the report. To inquire about company participation in Reports@CNW, contact Canada NewsWire at 1-800-413-2638 or Reports@CNW.ca. --------------------------------------------------------------------------