RE: in 4 years - are they joking !!23 Apr 2020 08:48
Mr P, your comment made me think about the terms under which DG Infratech had been employed.
- A monthly retainer of £12,000 from 1 September 2019, payable quarterly in arrears by the issuance of 66,666 new ordinary shares of 10 pence each in the capital of the Company ("New Ordinary Shares") at 18 pence per share, with no other financial payments nor reimbursement of expenses, unless agreed by the Company in advance.
- Upon completion of certain key milestones, the Consultant will receive share-based success fees in lieu of any cash payment. The milestones and related payments are as follows:
o receipt of the written approval of the Coal Project's Scheme of Development, for which the Consultant shall receive a success fee equal to 5% of the issued capital of the Company at the time of issue;
o receipt of the written approval in respect of each group of the Power Plants, for which the Consultant shall receive a success fee equal to 2% of the issued capital of the Company at the time of issue (i.e. up to 6% in total); and
o commencement of development of the Coal Project, for which the Consultant shall receive a success fee equal to 4% of the issued capital of the Company at the time of issue.
Interesting that a % is also awarded for “commencement” of the project, I guess to ensure that the approved project doesn’t get stuck in the mud, but what I thought was more interesting was they receive shares “with no other financial payments nor reimbursement of expenses, unless agreed by the Company in advance.”
In other words, GCM will not be funding any “EXPENSES”.
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