Australian Stock Exchange
From: Ranjan Rajagopal Date: 24 June 2013 Thomas & Coffey LimitedABN 60 000 263 678
Level 1, Quad 3
102 Bennelong Road
Sydney Olympic Park NSW 2127
PO Box 6205 Silverwater NSW 1811
T 02 9008 2000 F 02 9008 2199www.thomascoffey.com.au
Subject: Retirement of Director and Reduction in Directors' Fees
Dear Sirs,
Please find attached an announcement for immediate release.
Company Secretary
ABN 60 000 263 678
Level 1, Quad 3
102 Bennelong Road
Sydney Olympic Park NSW 2127
PO Box 6205 Silverwater NSW 1811
T 02 9008 2000 F 02 9008 2199www.thomascoffey.com.au
24 June 2013
Retirement of Director and Reduction in Directors' Fees
In its recent market update to the ASX, Thomas & Coffey Limited (ASX:THO) announced its response to continuing weak market conditions in the mining sector through implementing a number of major initiatives to reduce overhead costs.
As part of a range of further cost savings which have been identified, the Non-Executive Directors have elected to reduce the level of their fees by 50% until the Company's situation improves. This reduction in fees will take
effect from 1 July 2013.
The Managing Director, Rex Comb, has also elected to reduce his Fixed Annual Remuneration by 29% (down by
$200,000 to $500,000).
In addition Paul Young, a Non-Executive Director, has retired from the Board after many years of service. Mr Young has delivered a great commitment to the board and the Company, and has been a very wise and steadying influence through very troubled times for the Company, never wavering in his support and the wise counsel that he has always provided to the Company, and particularly to me in my role. Mr Young's retirement will take effect on 30 June 2013.
The annual cost savings from the above are in the order of $500,000.
Robert Critchley
Chairman
Robert Critchley
Chairman
Ph: 02 9008 2000
Thomas & Coffey Limited is a leading supplier of specialised industrial services to the heavy industry, mining, energy, resource and utility sectors. The company provides a comprehensive portfolio of asset and facility maintenance and engineering and construction project management services. Established in 1926, it now employs more than 750 skilled trades, professional and support services people who operate from over 10 branches at key commercial, industrial and mining centres.
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