The Queensland company told the ASX on Tuesday afternoon the money was “provided” in June to Mr Ransley for his role in clearing a debt hangover for the miner. Mr Ransley retired a month later.“The board had considered that the payment did not require shareholder approval at the time but is now seeking it,” Terracom said in a notice to investors.
The company, which has mines in central Queensland and South Africa, is spinning off cash with coal prices having appreciated and operations progressing. Operating earnings before interest, depreciation and amortisation were $224 million for the June quarter alone, the company said. He was also awarded a $450,000 payment in lieu of notice, but this fell below the threshold requiring shareholder approval, Terracom said.
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