Columbus Energy Res - Update on Executive Management Fees
("Columbus" or the "Company")
Update on Executive Management Fees
Columbus, the oil and gas producer and explorer focused on onshore
Update on Executive Management Fee arrangements
As previously announced, the Company's Executive Management have, for the past two years, received 50% of their fees in Company shares (the "Executive Salary Scheme").
The Executive Salary Scheme has assisted the Company in both managing its cash and also ensuring Executive Executive Management interests are aligned with the Company's shareholders. To date, no shares related to the Executive Salary Scheme have been sold by any of the Executive Management.
The Company hereby announces that it intends to amend the application of the Executive Salary Scheme so that by
Notwithstanding this change, the Executive Management intend to continue to invest in the Company through purchasing shares in the secondary market (subject to the relevant regulatory requirements). Any such purchases will be announced via RNS.
"The Executive Salary Scheme has, over the past two years, helped the Company preserve its cash and align the Executive Management with shareholders. As we head into the third year, it's appropriate for the Executive Management to return to receiving 100% of their fees in cash. This will have the benefit to shareholders of limiting the total number of shares in issuance. The Executive Management intends to continue to invest in the Company using all or part of the salary currently allocated for the Executive Salary Scheme, through the purchase of shares in the secondary market, which obviously benefits all shareholders."
As detailed in the Company's Interim Results on
The Remuneration Shares take the form of nil cost share options, which provided the Company with more flexibility but does not change the number of shares to be issued in any way or provide any additional value to the Executive Management members.
The Company will have the flexibility to settle the Executive Salary Scheme in cash, rather than shares or options, should it be beneficial for the Company to do so.
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+44 (0)20 7203 2039
Financial Adviser and Broker
+44 (0)20 3005 5000
+44 (0)20 7628 3396
Public and Investor Relations
Mark Antelme /
+44 (0) 20 8434 2643
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Notes to Editors:
Columbus is guided by the following core values; safe and sustainable, stronger together, creative excellence, positive energy, totally trusted and personally responsible.
The Company is led by an experienced Board and senior management team with supportive shareholders and intends on leveraging its expertise and experience to build an attractive and diversified portfolio of assets across
This information is provided by RNS, the news service of the
Quick facts: Columbus Energy Resources PLC
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