ALR.L Regulatory News (ALR)

7 Apr 2009 07:00



7.00am   7 April 2009 

Alternative Energy Limited ("Alternative Energy" or "the Company")

Director's Remuneration

The board of Alternative Energy Limited is pleased to announce that they have entered into an employment contract with Mr Christopher Nightingale, Chairman of Alternative Energy Limited and former Executive Deputy Chairman of Global Voice Limited. Under the terms of this agreement, which replaces Mr Nightingale's former arrangements with the Company, Mr Nightingale will now be employed full time by the Company and be paid US$20,000 per month. Mr Nightingale resigned from Global Voice in July 2008 and has been spending an increasing amount of time on the affairs of the Company with only nominal remuneration. Due to Christopher Nightingale being a director of the Company, this is considered to be a Related Party Transaction requiring treatment in accordance with AIM Rule 13 under the AIM Rules. Accordingly, the Independent Directors, being Richard Lascelles, Noel Meaney, Bay Yew Chuan and Dr Eric Goh Swee Ming, have consulted with Beaumont Cornish Limited, the Company's Nominated Advisor, and consider the terms of the transactions to be fair and reasonable insofar as the shareholders of the Company are concerned. 

The Company has been reviewing a number of technologies for acquisition and, following the engagement of Mr Nightingale, the Company is hoping to be in a position to complete these and therefore will make a further announcement in due course.

ENDS