Severance payments and cash bonuses totalling $528,500 were paid to Brian Fraser and Randy Turner before they resigned their respective positions as chairman and president of Trimin Resources (TSE). Terry Holland, Trimin’s new president, said the payments and bonuses were made to Fraser and Turner for their roles in managing the company in the past and for “negotiating and closing the sale of the company’s principal asset” on Nov. 23, 1990.
At that time, Trimin sold its 32.9% interest in the Hanson Lake polymetallic project near Flin Flon, Man., to Billiton Resources Canada for $17.5 million. A portion of the funds has been allocated to a proposed share buyback, and the company will also be investigating new opportunities.
Before leaving the board, Fraser and Turner surrendered all their outstanding share purchase options to Trimin.
James Meekison and Kristian Nowers, president and vice-president of Fusion Capital of Toronto, were recently appointed as directors to fill the vacancies created by the resignations of Fraser and Turner. W.G. Kanke was also appointed a director of Trimin.
The Equity Group of companies currently owns about 25% of Trimin’s outstanding shares. Since the sale of the Hanson Lake interest, however, other companies and financial groups have bought shares in the company or expressed interest in a business relationship with Trimin.
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