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 Boehm
Company Secretary
+61 (0)8 9367 5211
Registered Office: Clarendon House, 2 Church Street, Hamilton HMCX, Bermuda
Email: info@aquariusplatinum.com
Tel: 61 8 9367 5211
END
