Business
Corporate Update
Corporate Update.
About this update from Aminex Plc
[{"type":"text","content":"\n \n \n RNS Number : 8748L\n Aminex PLC\n 04 May 2020\n \n \n \n \n 4 May 2020 \n \n \n \n \n \n Aminex plc\n \n (\"Aminex\" or \"the Company\")\n \n \n \n \n Corporate Update \n \n \n \n \n Aminex is pleased to provide a corporate update further to our announcement on 27 April 2020 regarding the Company's measures to reduce costs through directors' salary and fees sacrifice and proposed issue of share options in compensation and the PDMR notifications on 1 May 2020.\n \n The COVID-19 impact and oil price plunge has introduced huge uncertainty and is unprecedented in the Energy sector. The Board had decided that the Company and shareholders would be well served by conserving cash whilst maintaining capability for the planned upcoming Ruvuma work programme in Tanzania and the next phase. The Board has therefore implemented measures to reduce Board remuneration by approaching 90% compared with a year ago. Total Board remuneration is now under £100,000 per annum i.e. £8,000 per month.\n \n \n \n \n All directors are sacrificing significant remuneration:\n \n \n · \n Effective 1 April 2020, Chairman John Bell has irrevocably waived his annual fees of £100,000 for the next 12 months. \n \n \n · \n Since becoming CEO on 27 April 2020, Robert Ambrose has accepted an annual salary of £60,000; a 67% reduction from the previous CEO (£180,000 per annum salary) and a 80% reduction from the CEO before that (£300,000 per annum salary).\n \n \n · \n Effective 1 April 2020, the senior independent non-executive director (and Chair of the Audit & Risk and Remuneration Committees) (SID), Linda Beal, has irrevocably waived her annual fees of £35,000 for the next 12 months. \n \n \n · \n The Chairman and SID have waived contingent additional fee awards of £175,000 in total awarded in 2019 expected to become payable over the coming year to save cash costs.\n \n \n · \n No fees will be paid to directors for significant additional working days over the last few months or for the next year, caused by the significant reduction in Board numbers which in itself has saved circa US$900,000 compared with early 2019.\n \n \n \n \n The share options granted to directors and set out in the PDMR notifications of 1 May 2020 will vest over two years and have performance conditions based ...