According to the SIR AR (extracted below) Rob Dennis has NO shares or options in SIR but is paid as COO $300,626 pa inc incentives cash. He was only appointed COO in Feb 2014. In November 2013 he was appointed POS director with the approval of AForrest its major holder in POS. Big moves in such a short time.
The History is important, Rob Dennis worked many years as underground NI manager for the windarra mine of WMC in the 1980s (taken over by BHP) then sold to POS. Dennis then went to work in the 1990s for 9 years for AForrest at the ANL murrin murrin Ni mine next door (only 60km west of windarra) with ANL starting from a boardroom with nothing turning it into a $1B - $4B MCap making Dennis and AF millionaires for the first time. When ANL went belly up due to glencore Xstrata tactics Dennis then went to work at Bswan ni mine and Lake Johnston then owned by Lionore of Canada now owned by POS.
After that he joined SIR then a penny dreadful explorer in Ni but kept in contact with his former minesites and friends like AForrest (AF) and MCreasy (MC).
When in Nov 2013 AF needed a loyal director in POS to take over from his FMG director Bud Scruggs Dennis gladly took the directorship yes Rob Dennis, who then went on a buying spree of cheap POS shares now owning over 3.3M shares at last count taking him into the top13 holder in POS.
Rob Dennis is a legend of the NI industry in WA, he firmly believes in SIR as COO helping it move from 5c to $5 to $2.30 which like ANL, POS all started from nothing with SIR now having a $850M MCap.
Why would Dennis move so swiftly into POS as a top13 holder and a director instead buying shares in SIR or seeking to be a director in SIR? Dennis has more shares in POS (3.3M) than in SIR (0), the cash he makes from SIR is invested into cheap shares in POS...thanks SIR bankers and shareholders.
But wait he is not alone.....the top 20 list of POS and SIR have numerous identical shareholders who have also since Nov 2013 moved into the POS top20 share register, i have highlighted them below for you......what a coincidence!
In fact 4 out of your top 5 holders are also top10 holders in POS and in FMG...another coincidence!
AF now holds 33% holding in FMG, a 23% holding in POS but NO holding in SIR. Dennis holds 0 shares in SIR but 3.3M shares in POS but is paid $300K pa from SIR in cash,
I have to ask SIR holders...what are Dennis and your top 20 holders doing accumulating cheap shares at 10c-20c in POS? Why hasnt Dennis bought any shares in SIR but buys substantial shares in POS? Why do your bank shareholders keep taking CR shares in POS below the 5% threshold to avoid detection?
What are you people doing in POS if SIR is such a great company and the market darling of the brokers and oz bankers? Why this stealth buy up of cheap POS shares? Is there a takeover bid in the works to save you $500M in capex for your mines and mills or are you intending on spiking POS SP like SIR did from 5c to $5 to $2.30 now? What is the agenda, seems none of you know right now. The above history tells me that Dennis is or has the answer and he has invested bigtime into POS rather than SIR shares...Why?
I think SIR shareholders are being kept in the dark about this history and this play. Dennis is a legend and he has made a move.
extract from SIR 2014 AR:-
Other Key Management Personnel (remuneration in cash)
M Reed (iii) 362,125 - - 362,125
G Dyker (iv) 313,131 83,200 15,900 412,231 R Dennis (v) 216,739 75,000 8,887 300,626
(i) As recommended by the Remuneration & Nomination Committee, it was approved by the Board to pay theExecutive Directors and other Key Management Personnel STI’s of $504k which were determined with regardto the individual performance assessments and achievement of the following corporate goals for 2014 per the STI plan:
(v) Mr Dennis was appointed Chief Operating Officer for the Group on 3 February 2014 and commenced his role on
4 Equity Security Holders SIR (Current as at 15 September 2014)
The names of the twenty largest holders of quoted equity securities (ordinary shares) are listed below:
Rank Name Units % of Units
1. YANDAL INVESTMENTS PTY LTD 62,028,993 15.08 2. NATIONAL NOMINEES LIMITED 42,694,398 10.38 3. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 40,626,960 9.87 4. J P MORGAN NOMINEES AUSTRALIA LIMITED 37,465,124 9.11 5. CITICORP NOMINEES PTY LIMITED 27,827,745 6.76
6. FRASERX PTY LTD 20,724,527 5.04
7. PONTON MINERALS PTY LTD 16,612,927 4.04
8. FREE CI PTY LTD 16,612,926 4.04
9. LAKE RIVERS GOLD PTY LTD 16,612,926 4.04
10. YANDAL INVESTMENTS PTY LTD 10,000,000 2.43
11. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 5,805,425 1.41
12. BNP PARIBAS NOMS PTY LTD 4,837,961 1.18
13. PERTH SELECT SEAFOODS PTY LTD 3,945,000 0.96
14. NATIONAL NOMINEES LIMITED 2,972,240 0.72
15. AMP LIFE LIMITED 2,703,530 0.66
16. BT PORTFOLIO SERVICES LTD 2,650,000 0.64
17. MR NORMAN SURTEES 2,600,000 0.63 18. CITICORP NOMINEES PTY LIMITED 2,314,312 0.56
19. DR MARK ANTHONY BENNETT 2,190,000 0.53
20. ROXTRUS PTY LTD 2,000,000 0.49
Total of Top 20 323,224,994 78.56
Total Remaining Holders Balance 88,226,581 21.44
SIR Price at posting:
$2.30 Sentiment: None Disclosure: Not Held
