Hi Dang,Here is a copy of the announcement so we can all see...

Hi Dang,

Here is a copy of the announcement so we can all see what the question is.

Yes, people are concerned about Hugh Callahan leaving, that is what I have heard. Can't comment on why, but unless someone knows why there could be a myriad of reasons so it is speculation.


You can see the that new appointees have a wealth of experience. Not sure what the concern is about a three month probation period myself.

Don't forget there are other directors still on this including none other than Richard Monti who was instrumental in the development of Fortescue Metals.

While I can understand the concern, it is not like Hugh is being replaced by monkeys and there are strong fundamentals to balance this out.

IMO I would not let one concern over a manager moving, which happens all the time, stop you investing in such a strong play.

To answer your question with another question "How would Hugh Callahan moving on impinge on the future success of TRH at this stage of development?"

All IMO



Appointment of Chief Executive Officer
Mr G.A ?Ben? Binninger has been appointed as Chief Executive Officer of Transit Holdings
Limited?s potash investments subsidiary, Citadel Capital Holdings Inc, with effect from 9th May
2011. Mr Binninger, who is resident in California, has a long and distinguished track record in a
career in resources that has spanned management and commercial roles in Resources companies,
including Rio Tinto, ARCO, Hercules and others, which provide a relevant base of experience to
guide Transit?s potash assets through their development trajectory.
Mr Binninger brings an unusual combination of global management, strategic positioning and
financial expertise with hands on operating experience in chemicals, energy, materials,
environmental and mining, as well as consulting and defense. He has commercialized novel
technologies and developed new products and businesses. His broad functional background includes
sales, marketing, distribution, operations, technology, planning, financial and business development.
Ben has strong expertise in strategic positioning, profit enhancement, financial restructuring,
organizational realignment, funding and cost control.
Mr Binninger has a Master's in Business Administration from the Harvard Business School where he
attended on a Teagle Foundation Fellowship. He also has a Bachelor of Chemical Engineering
degree from Manhattan College, where he attended on a New York State scholarship. He has taught
international business management at UCLA and studied at Stanford and INSEAD in France.
Mr Binninger is a Principal in AMT II Corporation, a private investment management company
focusing on advanced materials as well as IMEx Minerals, LLC which invests in minerals assets. He
is a director and was Chief Executive Officer for Kreido Biofuels, a company he led through a public
offering. He also serves on the board of The Harvard Business School Association of Southern
California. He has been a director of a number of organizations including KCET - Community
Television of Southern California - and has been the Chairman of the Institute of Cooperation in
Environmental Management.
More recently he has advised several acquisition groups, venture funds and growth companies.
Mr Binninger will be paid and consulting fee of $250,000 per annum and will also be entitled to
receive three (3) million options over Transit Holdings Limited (Transit) ordinary shares to be
provided by the Citadel Capital Holdings Inc upon the successful completion of a probationary
period of 3 months continuous consulting. The Options will be issued on the following terms and
conditions:
 1 million Class A Options exercisable at 50 cents each, expiring 2 years after vesting. Options
are only exercisable if the share price is > $1.00 on a 5 day volume weighted average basis.
 1 million Class B Options exercisable at $0.75 cents each, expiring 2 years after vesting.
Options are only exercisable if the share price is > $1.25 on a 5 day volume weighted average
basis.
 1 million Class C Options exercisable at $1.00 cents each, expiring 2 years after vesting.
Options are only exercisable if the share price is > $1.50 on a 5 day volume weighted average
basis.
The Options package is subject to the following vesting conditions:
- The Class A Options vest after 6 months;
- The Class B Options vest after 12 months; and
- The Class C Options vest after 18 months.
4
Appointment of a Non Executive Director
Transit Holdings Limited today also announces the appointment of Mr Sean Murray to the Board as
a Non Executive Director. Mr Murray brings extensive industry experience in general management,
corporate strategy, minerals marketing and sustainable development.
Over the past 40 years, Mr Murray has worked worldwide in the chemicals and mining industries,
including non-ferrous metals and minerals and industrial minerals. His successful executive
management career includes senior roles with Rio Tinto Zinc Corporation and Pasminco Inc, where
he also served as Chairman, and Rio Tinto Borax where he became Managing Director of Borax
Europe and then Deputy Chief Executive,Rio Tinto Borax in the 1990s.
Mr Murray has also served on the boards of Rio Tinto subsidiary companies including U.S. Borax
(California), Borax Francais (Paris and Dunkirk) and Borax Argentina (Buenos Aires and Salta). He
has also served as a Vice-President of the European Zinc Institute (The Hague), as an Industry
Advisor to the UK government on non-ferrous metals and minerals, and as Vice-president of the
Industrial Minerals Association, and as President of the European Borates Association.
Since 2004, Mr Murray has provided specialist consulting services to the industrial minerals sector in
Europe and North and Central America. Mr Murray is fluent in a number of European languages and
brings considerable experience of industrial minerals to bear on the Company's activities and
developments as to looks to develop its potash business
Mr Murray will be paid $30,000 per annum and will be entitled to receive, subject to shareholder
approval, 500,000 options vesting after 12 months with a exercise price of $0.75 cents and a further
500,000 options vesting after 24 months with a exercise price of $1.00.
As part of these changes, Mr Hugh Callaghan?s role as CEO-Potash ceases to exist, and he will leave
the company by June 30th after a handover period, to focus on other activities. The Board would like
to thank Mr Callaghan for his valued contribution and guidance provided to the Company over the
last 12 months.
Renewed Focus on Potash
These changes to the board and management structure represent the commencement of
an accelerated focus and to provide greater momentum to the company?s potash activities, led by a
US-based Chief Executive and supported by a Board with a deep base of experience in minerals
project development.
Ananda Kathiravelu