Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Very good to see :-)
AND ABOUT TIME!!!
Allied Minds plc (LSE: ALM), the IP commercialisation company focused on early stage company development within the technology sector, announces that Mike Turner will step down as co-Chief Executive Officer (CEO) and from the Board effective 10 March 2020. Joe Pignato will continue in the role of CEO and executive director. Fritz Foley will also step down from the Board and the Board has appointed Mark Lerdal as a Non-Executive Director, in each case with immediate effect.
Allied Minds also announces further cost reduction activities, amendments to existing remuneration schemes for staff and management and an increase in the amount of proceeds from the recent disposal of Hawkeye 360 that will be returned to shareholders.
Overview
· Mike Turner to step down as CEO and from the Board effective as of 10 March 2020, allowing him to assist the Company with completing the implementation of the initiatives of our revised strategy announced earlier this year. The Board shall commence a search for an independent non-executive director to be appointed in his place.
· Fritz Foley steps down from the Board with immediate effect.
· The Board appoints Mark Lerdal as a Non-Executive Director with immediate effect; he shall serve as a member on each of the Remuneration, Nomination and Audit Committees of the Company.
· Harry Rein, the Senior Independent Non-Executive Director, shall chair the Company's Audit Committee in place of Mr. Foley.
· Jeff Rohr shall continue to serve as Chairman of the Board through the end of his second three-year term ending in June 2020, at which point he will retire from the Board.
· Additional initiatives in place to further reduce recurring HQ expenses to no more than $6.0 million commencing 1 January 2020, down from our previous guidance of $7.5 million.
· Return of $40 million of proceeds from the disposal of Hawkeye 360 as a result of the additional HQ savings, an increase from the initial amount of $32.8 million.
· Modifications to the Phantom Plan staff remuneration scheme, originally adopted in 2007, which include the establishment of a threshold that must be met before any future payments are made to participants under the plan.
· Amendments to executive director compensation plan, including reduction of maximum bonus, elimination of Management Incentive Plan and forfeiture of certain LTIP grants.
These measures reflect the evolving needs of Allied Minds and represent the next logical step for the business. The Board has decided to undertake these restructuring initiatives following constructive dialogue with investors and strong delivery of the strategy to focus exclusively on supporting the existing portfolio and maximising monetisation opportunities for portfolio company interests, which was launched in April.