RE: NICE RNS14 Jul 2022 10:33
Bear, yes updating you on the current annual salaries for the BoD is no problem. It is clearly stated in the company accounts for March 2021.
Salaries in 2021 for the BoD were.
Andrea Cattaneo = CAD$694,000 which equates to USD$ 534,380 and GBPÂŁ451,100
Luigi Milano = CAD$61,000 which equates to USD$46,9750 and GBPÂŁ39,650
Darido Sodero = CAD$3,000 which equates to USD$2,310 and GBPÂŁ1,950
Luca Benedetto = CAD$232,000 which equates to USD$178,640and GBPÂŁ150,800
In total this means that the BoD’s compensation is CAD$990,000 / USD$762,300 / GBP£643,500
If you note in my post yesterday I used the phrase “net revenue” which means profit on operations. At €47,000 per month after expenses this means that the additional revenue from S.Antonio-1 well will be €564,000 per annum which equates to USD$565,201 at the current exchange rate. So the projected additional revenue from the S.Antonio-1 well will cover 75% of the BoD’s salaries on its own. This is without including the other €3 million that is generated from the rest of the Italian assets or the $12-13 million that is being generated from the Tunisian assets.
In short, for a company that is making a net revenue of approx. $15.5-$16.5million annually a total salary cost for the Board of Directors of $762,300 is perfectly reasonable. It is only 4.6% of revenues.
As to your question on has anyone “set a date for tilapia deal to be done”? this same question was asked by mls on Tuesday and I answered it then. Here is the answer repeated below for your benefit. Apologies to others who have already read this:
Nobody knows. We know that the granting of the license is in process, that the company passed the ICU test over a year ago and that Andrea has said that he is “very confident in the success of our ongoing transactions or I would not have bought 40 million shares the other month “(Jan/Feb). We do know howeverthat things take time in Africa and the company has other deals in progress.
Is it frustrating that the granting of the Tilapia license is taking so long? Of course it is. However, I fail to see that this is Zenith’s fault. Short of paying bribes, which would be illegal and the company has said it would not do then there is no way to speed up the decisions of the Congolese authorities. This is also not just a Congolese issue. If we look at the court case relating to NHNL and ADM Energy (which we are thankfully well out of) we will see that the court date is currently over a year after the case was originally raised and it is likely to take longer still. This is just how things happen in Africa.