BRISBANE, Australia, Nov. 14, 2018 /CNW/ -- Orocobre Limited (ASX: ORE,TSX: ORL) ("Orocobre" or "the Company") wishes to make the following clarification regarding Resolution 5 in the Replacement Notice of Meeting dated 17 October 2018.
Resolution 5 seeks shareholder "Approval of Employee Performance Rights and Option Plan (the Plan)". Under Eligibility the notes to the resolution state that "the board may invite any director, employee...".
Whilst the Plan states that this could occur it has been the Board's policy for more than five years that Non-Executive Directors (NEDs) are not offered performance rights nor options. This policy was explicitly stated in prior year Remuneration Reports. In the 2018 Remuneration Report due to a change in format we inadvertently omitted stating that NEDs are not eligible however this has not changed the Board policy that NEDs will not be offered performance rights nor options.
A change to the Plan rules reflecting current Board policy will be made and presented to shareholders at the next meeting of shareholders.
About Orocobre Limited
Orocobre Limited (Orocobre) is a dynamic global lithium carbonate supplier and an established producer of boron. Orocobre is dual listed on the Australia and Toronto Stock Exchanges (ASX: ORE), (TSE: ORL). Orocobre's operations include its Olaroz Lithium Facility in Northern Argentina, Borax Argentina, an established Argentine boron minerals and refined chemicals producer and a 29% interest in Advantage Lithium.
For further information, please visit www.orocobre.com
SOURCE Orocobre Limited