Relating to RGMs Ewen Ainsworth14 Feb 2020 15:07
If you look on the NTOG thread you can see a letter sent by Ben Turney urging NTOG shareholders to oust Matt Lofgran and Ewen Ainsworth.
On Ainsworth, Turney says:
"With respect to remuneration and we recently learned that on 16 August 2018 Nostra Terra’s remuneration committee, which is chaired by Mr Ainsworth, awarded Mr Lofgran a new service agreement. Notable terms of this service agreement include:
The agreement was backdated to 01 January 2018, at which time it became effective
Mr Lofgran’s basic salary was increased to $250,000 a year
There is a six month notice period in the event of Mr Lofgran’s termination as a director of the Company
Mr Lofgran is permitted to continue working for the Company or its subsidiaries, even if not a director of the Plc
This agreement remains in force today
With respect to Mr Ainsworth’s service agreement, we learned that this was dated 22 June 2015 and it stipulates that Mr Ainsworth is entitled to receive £16,667 as an annual fee for provision of his services as “chairman”. Related to Mr Ainsworth’s service agreement, we note:
According to Nostra Terra’s audited accounts for 2018, Mr Ainsworth was paid $121,647 in fees during that year. No explanation has been given for the increase.
In the event that Mr Ainsworth is terminated from the board of Nostra Terra there is no notice period and he shall only be paid fees that are outstanding"
........
After reading that I can certainly see why Parsons wants Ainsworth with him at Ast. Of course the dreadful Scott Kaintz is also with them both at RGM.
It doesn't look great for RGM shareholders.
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