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Columbus Energy Resources scraps executive salary scheme to limit shares in issue

Executive management intends to continue to invest in the company through the purchase of shares in the secondary market

Columbus Energy Resources PLC -

Columbus Energy Resources PLC (LON:CERP) plans to scrap a scheme that pays its executives in shares to limit the number of shares in issue.

Executive management, which received half of their salary in shares under the scheme, will now be paid only in cash.

“This will have the benefit to shareholders of limiting the total number of shares in issuance,” said Michael Douglas, senior non-executive director and chairman of the remuneration committee.

“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."

Quick facts: Columbus Energy Resources PLC

Price: 2.35 GBX

AIM:CERP
Market: AIM
Market Cap: £21.57 m
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