Serinus Energy PLC Salary and Remuneration Reductions Extended (7827R)
July 02 2020 - 2:00AM
UK Regulatory
TIDMSENX
RNS Number : 7827R
Serinus Energy PLC
02 July 2020
2 July 2020
Press Release
Executive Salary and Director Remuneration Reductions
Extended
Jersey, Channel Islands, 2 July 2020 - Serinus Energy plc
("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN) announces
that the Directors of the Company have agreed to extend the
temporary reduction in salaries and fees previously announced on 27
April 2020. The reductions will remain due to the current economic
environment created by the impact of COVID-19 and compounded by low
commodity prices. The Company's priority remains the safety and
well-being of its staff while safeguarding its operations and the
actions announced in its update on 20 March 2020 continue to be
successfully implemented.
The Board has reviewed and agreed to continue the following
temporary measures, with effect from 1 July 2020 until 30 September
2020, subject to further review at the end of that period:
-- a 20% reduction in the base salary for Jeffrey Auld and
Andrew Fairclough the Executive Directors, for which the Executive
Directors will receive ordinary shares in the Company in lieu of
the equivalent amount of salary deducted; and
-- the Non-Executive Directors will also take a temporary 25%
reduction in fees for the same period.
Shares issued to the Executive Directors will be allotted within
five business days following 30 September 2020, and any subsequent
period as may be implemented by the Board. The number of ordinary
shares to be issued is to be determined by dividing the gross
amount of salary deducted by the volume weighted average of the
middle market quotations for one Ordinary Share for the 90 days
ending on 30 September 2020, or any subsequent period as may be
implemented by the Board.
A further announcement will be made when the shares are issued
to the Executive Directors.
About Serinus
Serinus is an international upstream oil and gas exploration and
production company that owns and operates projects in Tunisia and
Romania.
For further information, please refer to the Serinus website
(www.serinusenergy.com) or contact the following:
Serinus Energy plc
Jeffrey Auld, Chief Executive Officer
Andrew Fairclough, Chief Financial Officer
Calvin Brackman, Vice President, External
Relations & Strategy +1 403 264 8877
WH Ireland Limited
(Nominated Adviser and Joint Broker)
Katy Mitchell
Harry Ansell (Broker)
Lydia Zychowska +44 (0)20 7220 1666
A rden Partners plc
(Joint Broker)
Paul Shackleton / Dan Gee-Summons (Corporate
Finance)
Fraser Marshall (Equity Sales) +44 (0) 20 7614 5900
Camarco
(Financial PR - London)
Billy Clegg
Owen Roberts +44 (0) 20 3781 8334
TBT i Wspólnicy
(Financial PR - Warsaw)
Katarzyna Terej +48 22 487 53 02
Translation : This news release has been translated into Polish
from the English original.
Forward-looking Statements This release may contain
forward-looking statements made as of the date of this announcement
with respect to future activities that either are not or may not be
historical facts. Although the Company believes that its
expectations reflected in the forward-looking statements are
reasonable as of the date hereof, any potential results suggested
by such statements involve risk and uncertainties and no assurance
can be given that actual results will be consistent with these
forward-looking statements. Various factors that could impair or
prevent the Company from completing the expected activities on its
projects include that the Company's projects experience technical
and mechanical problems, there are changes in product prices,
failure to obtain regulatory approvals, the state of the national
or international monetary, oil and gas, financial , political and
economic markets in the jurisdictions where the Company operates
and other risks not anticipated by the Company or disclosed in the
Company's published material. Since forward-looking statements
address future events and conditions, by their very nature, they
involve inherent risks and uncertainties and actual results may
vary materially from those expressed in the forward-looking
statement. The Company undertakes no obligation to revise or update
any forward-looking statements in this announcement to reflect
events or circumstances after the date of this announcement, unless
required by law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCUARRRRBUBRUR
(END) Dow Jones Newswires
July 02, 2020 02:00 ET (06:00 GMT)
Serinus Energy (LSE:SENX)
Historical Stock Chart
From Apr 2024 to May 2024
Serinus Energy (LSE:SENX)
Historical Stock Chart
From May 2023 to May 2024