Business
Board commits to further Salary Sacrifice Plan
Board commits to further Salary Sacrifice Plan.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n\nOriole Resources PLC \n('Oriole Resources' or 'the Company' or 'the Group')\n \nBoard commits to further Salary Sacrifice Plan,\nNew Share Option Remuneration Plan\n and\nNotification of Directors Dealings\n \nOriole Resources (AIM: ORR), the AIM-quoted exploration company focussed on West Africa, provides details of a further Salary Sacrifice Plan and a New Share Option Remuneration Plan agreed by the Board of Directors ('the Board'). This follows the completion last month of a share-based salary sacrifice scheme (announcement dated 12 May 2023) that saw the entire Board take shares in the Company in lieu of £90,000 net salary.\n \nOriole Resources Remuneration Committee Chairman, David Pelham, said: \"This award of options reflects the continuing desire of the Board to invest salaries into the equity of the Company, so retaining cash for exploration purposes, and also recognises the success of the team in delivering exploration objectives in Cameroon. The salary sacrifice element of this award replaces the salary sacrifice for shares arrangements that have been running since June 2022.\"\n \nSalary Sacrifice Plan\nIn order to continue to maximise cash available for ongoing exploration work, the Board has agreed to a new plan to sacrifice 25% of its contractual salary payments for the six-month period commencing May 2023 in return for the issue of share options. Share options are considered a more favourable financial instrument than fully-paid shares, since the tax deferral that options provide will enable significantly more cash conservation in the Company. \n \nNew Share Option Remuneration Plan\nAlongside the Salary Sacrifice Plan, the Company has also agreed to grant options to the Company's Board and to certain members of staff. Additionally, an incentive scheme is being introduced in respect of the Company's Cameroonian employees who have worked hard to successfully deliver Cameroons first JORC compliant resource for gold. The Company has made this award in order to compensate the team for its dedication, hard work, and in lieu of material salary increases that would be in line with inflationary wage trends. \nThe awards have been determined by the Remuneration Committee and, in the case of the members of the Remuneration Committee and other employees, deter...