Legacy MD leaves with $868,000 tab

Legacy Iron Ore founding director Sharon Heng has resigned after a board review of financial transactions during the past three years found Ms Heng owed the firm about $868,000.

Ms Heng, who has served as the Perth-based explorer’s managing director since it listed on the Australian Securities Exchange in 2008, agreed to make payments to the company over the next five years, and may incur interest penalties.

“The company is entitled to immediately request appropriate security on normal commercial terms to secure performance of the agreement to repay this sum,” Legacy said in a statement.

Legacy has not disclosed what the outstanding transactions refer to.

Ms Heng holds 50.2 million shares in Legacy, valued at $602,203.

Legacy shares have been suspended from trading on the ASX since September 26 at the board’s request, while it reviewed its June 30 statutory accounts.

The company said the accounts could now be finalised and will be lodged in the week beginning on November 10, which will lift its shares from suspension.

It is not yet known who will replace Ms Heng as the company’s managing director.

In September, Legacy’s chief executive Julian Mizera resigned from his role just six months after joining the company in March, to “pursue other business opportunities”.

Legacy holds tenements in the Yilgarn and Pilbara areas, and is in a joint venture with Hawthorn Resources at its Mt Bevan iron ore project, located about 100 kilometres west of Leonora.

A spokesperson from Legacy is being sought for comment.