26 Mar 2020 07:00
ASX-RNS Announcement
26 March 2020
ASX: OEX
AIM: OEX
Board and Executive Changes
Oilex Ltd (Oilex or Company) is pleased to advise the following changes to the composition of the Company's board of directors and service contracts with key executives. The changes reflect the implementation of cost saving initiatives announced earlier by the Company, while settlement with GSPC is completed and volatile capital markets return closer to normal post the impact of Covid-19.
Joe Salomon - Executive Contract Extension
Oilex is also pleased to announce that Mr Jonathan Salomon's term as the Managing Director of the Company has been extended to 31 July 2020. As part of the Company's cost savings initiatives, Joe has agreed to reduce his committed hours to 2.5 days per week, effective from 1 April 2020.
Mark Bolton - Appointment as Director
The Company is further pleased to announce that Mr Mark Bolton has been appointed to the Board, with immediate effect, as an Executive Director and Company Secretary of Oilex Ltd, working in the capacity of 1 day per week, effective from 1 April 2020. Mark has been significant contributor to the Company since he joined the executive team as the Chief Financial Officer and Company Secretary in 2016. The terms of his executive contract will be reviewed in June 2020.
Managing Director of Oilex, Joe Salomon, said;
"Mark has played a critical role for Oilex in challenging times. He has been involved in setting and driving strategy for the Company and in particular has ensured that the Company has been continuously financed enabling the continued focus on recognising value from the Company's asset base."
In accordance with ASX Listing Rule 3.16.4, the key terms of Mr Bolton's employment are set out in the schedule to this release. Further information on Mark Bolton as required by Schedule 2(g) of the AIM Rules for Companies is set out below.
Additional Information on Mr Mark Graham Bolton (Aged 50)
The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:
Current Directorships or Partnerships Held | Directorships or Partnerships held within 5 Years |
|
|
Ribbon Securities Pty Ltd | Ribbon Securities (UK) Ltd |
Salazar Gold Pty Ltd | Lorenzo Trading Pty Ltd |
Salazar Minerals Pty Ltd |
|
La Mancha Amalaco Holdings Pty Ltd |
|
Admiral O&G 106 Pty Ltd |
|
Admiral O&G 107 Pty Ltd |
|
Admiral Holdings Pty Ltd |
|
Admiral Oil Pty Ltd |
|
Oilex (JPDA 06-103) Ltd |
|
Oilex (West Kampar) Limited |
|
Oilex N.L Holidays (India) Limited |
|
Independence Oil & Gas Limited |
|
Merlion Energy Resources Private Limited |
|
CoEra Limited |
|
Holloman Petroleum Pty Ltd |
|
Mr Bolton does not currently hold any shares, or an interest over any shares or other securities, in the Company.
For and on behalf of Oilex Ltd
Joe Salomon
Managing Director
For further information, please contact:
Investor Enquires Oilex Ltd Joe Salomon Managing Director Email: oilex@oilex.com.au Tel: +61 8 9485 3200 Australia | AIM Broker Novum Securities Broker Colin Rowbury Email: crowbury@novumsecurities.com Tel: +44 20 7399 9427 UK | AIM Nominated Adviser Strand Hanson Limited Nominated Adviser Rory Murphy/Ritchie Balmer Email: oilex@strandhanson.co.uk Tel: +44 20 7409 3494 UK | Media Enquires (UK) Vigo Communications Public Relations Patrick d'Ancona/Chris McMahon Email: patrick.dancona@vigocomms.com chris.mcmahon@vigocomms.com Tel:+ 44 20 7390 0230 UK |
SUMMARY OF KEY TERMS OF EMPLOYMENT FOR MARK BOLTON
This summary below sets out the key terms and conditions of the executive employment agreement (Agreement) between Mr Mark Bolton and Oilex Ltd.
Commencement of employment and appointment
Mr Bolton's employment with Oilex is effective from 10 June 2016.
Position
Mr Bolton is an Executive Director, Chief Financial Officer and Company Secretary of the Company.
Term
The Agreement terminates on 30 June 2020 (Term). The Agreement may be extended by mutual agreement three months ahead of expiry of the Term.
Remuneration
Salary
On the basis of one day per week, Mr Bolton's Fixed Annual Remuneration (FAR) is A$47,500 per annum, plus of statutory superannuation contribution, and is to be reviewed annually.
Termination
Mr Bolton may resign by giving Oilex 3 months' written notice. The Company may terminate Mr Bolton's employment by giving 3 months' written notice.
Restraint Clauses
Mr Bolton is restrained from engaging in competitive business with the Company, or soliciting clients, employees or contractors from the Company, during his employment.
Confidentiality Provisions
Standard confidentiality provisions apply.