23rd Nov 2009 07:04
AQUARIUS PLATINUM LIMITED 23 November 2009 Annual General Meeting Friday 27th November 2009: Resolution Six: Re-appointment of Auditor
It has been brought to the Company's attention that Risk Metrics Group have recommended that shareholders of the Company vote against the proposed reappointment of Ernst & Young of Perth, Western Australia, as the Company's independent accounting firm, for the following year, at the Company's annual general meeting on Friday 27 November. The reason for their recommendation is related to the fees the Company has paid to Ernst & Young for non audit work.
The Company has paid to Ernst & Young US$684,000.00 for non audit services. There is a simple and rational explanation for the increased fees.
As shareholders of the Company are aware, earlier this year the Company undertook a rights issue, a placing, a convertible bond and an acquisition of Ridge Mining plc. It is normal practice for a Company's auditors to be engaged to undertake the accounting work required to produce the public documentation required for these different workstreams and Ernst & Young were appointed and undertook this work and were paid fees for such work, further details of which are given below.
The Company having provided this information to Risk Metrics Group on Thursday 19 November, is now putting out this press release with this further information even in the absence of direct shareholder requests for this information. However at the sole request of Risk Metrics, we are releasing this information.
The breakdown of the US$684,000.00 spent on non audit work is as follows:
* US$672,000.00 is for the work Ernst & Young undertook on the preparation of the working capital report, the provision of financial statements covering two years for inclusion in the public documentation and their work on the pro forma for the acquisition of Ridge Mining plc and their work relating to the convertible bond including but not limited to the accounting treatment and ongoing valuation in the books of the Company as well as providing the customary comfort letters the banks seek on capital raisings by a listed company. * US$12,000.00 relating to Ernst & Young's help with the Group's tax returns for a group company.
For further information please visit www.aquariusplatinum.com or contact:
Willi BoehmCompany Secretary+61 (0)8 9367 5211
Registered Office: Clarendon House, 2 Church Street, Hamilton HMCX, Bermuda
Email: [email protected]
Tel: 61 8 9367 5211
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