Business
Changes to Executive Director Remuneration
Changes to Executive Director Remuneration.
About this update from Cyanconnode Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 5121S CyanConnode Holdings PLC 26 June 2018 \n\n \nCyanConnode Holdings plc\n(\"CyanConnode\" or \"the Company\")\n \nChanges To Executive Directors Pay\n \nCyanConnode Holdings plc (AIM:CYAN), the world leader in narrowband radio mesh networks, announces changes to Executive Directors' remuneration, with effect from 1 July 2018.\n \nAt the Company's AGM on Monday 18 June 2018, the Executive Directors announced that there were ongoing discussions relating to a reduction to their total remuneration package, including their bonuses. The changes which have been agreed with the company's Remuneration Committee are as follows:\n \n\n\n\nJohn Cronin\n\n\n\n\n\n\n\nRemuneration to be paid in cash\n\n\n£170,000\n\n\n\n\n*Remuneration to be paid in ordinary shares\n\n\n£70,000\n\n\n\n\nTotal Annual Remuneration\n\n\n£240,000\n\n\n\n\n\n\n\n\n\n\n\n\nHarry Berry\n\n\n\n\n\n\n\nRemuneration to be paid in cash\n\n\n£100,000\n\n\n\n\n*Remuneration to be paid in ordinary shares\n\n\n£50,000\n\n\n\n\nTotal Annual Remuneration\n\n\n£150,000\n\n\n\n\n\n\n\n\n\n\n\n \n* The terms relating to the remuneration paid in ordinary shares are as follows:-\ni) The remuneration to be paid in ordinary shares will only proceed if the Company's revenues for the year ended 31 December 2018 exceeds £7M.\nii) The shares will be allotted 10 days after the January 2019 trading update, (should the Company be in a close period at that time, the allotment will be as soon as the close period comes to an end).\niii) The price of the allotted shares will be calculated as the average mid-market closing price for the five days prior to the day that the allotment of the shares becomes due. \n \nThese changes are aligned with the Company's strategic focus which, in the last year, has resulted in order book increases, with orders won from a range of customers opening up new territories. The Board and management team were also streamlined and strengthened, with the Group firmly focused on converting its order book into revenue. \n \nIn respect of these reductions in Director remuneration, Paul Ratcliff, Chairman of the Remuneration Committee commented: \n \n\"The Committee has listened to shareholders' feedback and taken decisive cost-saving action. This payment reduction has seen the remu...