Union Resources Limited
05 April 2007
Union Resources Limited
Appointment of Managing Director
Union Resources Limited ('Union') is delighted to announce the appointment of
Dr. Frank Reid to the position of Managing Director and Chief Executive Officer
of the Company.
Dr. Reid has a lifetime's experience in the mining and resources industries and
has extensive knowledge in managing projects in the Middle East. Prior to
joining Union Dr. Reid was a senior adviser to Ma'aden, the Saudi Arabian
Government-owned mining company responsible for US$9 billion in resources
projects. Prior to that Dr. Reid had senior management experience with Western
Mining Corporation and with US-based capital funds.
Dr. Reid's background in major mining companies and private equity funds, and
technical experience in bringing projects from the conceptual stage to
development and start-up, makes him well qualified to undertake the leadership
of the next phase of the development of Union's Mehdiabad Project in Iran. Dr.
Reid will be based in the Middle East to provide ready access to contractors,
financiers and other support services in connection with Mehdiabad.
Dr. Reid was managing director of the Australian Cooperative Research Centre for
Renewable Energy (ACRE) between 1997 and 2003 and a non-executive director of
Exergy Limited Energy from 2000 to 2004.
Dr. Reid has confirmed that other than the above there are no further
disclosures required under Schedule 2 paragraph (g) of the AIM Rules
The key terms and conditions of Dr Reid's employment contract with the Company
are as follows:
(i) base salary is US$400,000 per annum;
(ii) a cost of living allowance of up to US$88,800 in accordance with
normal practice for the Gulf countries will be provided;
(iii) an option package of up to 8 million options allocated, subject
to the achievement of specific milestones in respect of up to 4 million options
and continued employment by Dr. Reid with the Company in respect of up to a
further 4 million options, will be submitted to the Company's shareholders for
approval in due course. The options will be granted at a price based on either
the average market price of the Company's ordinary shares on the ASX in the five
trading days prior to the date of grant, or the closing price of the Company's
ordinary shares on the ASX on an anniversary of the Company's agreement with Dr.
For further information contact:
Australia: Union Resources Limited
Dr. Frank Reid
Phone: +61 07 3833 3833
London: Hanson Westhouse Limited
Bill Staple or Martin Davison
0207 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange