7 Apr 2020 12:00
7 April 2020
Pembridge Resources plc
Reduction in CEO Salary
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company"), and together with its subsidiaries, the "Group"), provides the following update:
In light of the current financial market conditions caused by the COVID-19 pandemic and the recently announced restructuring to reduce Pembridge's financial commitments that has also reduced Pembridge's economic interest in the Minto mine to 11%, the Company's Chairman and CEO, Gati Al-Jebouri, has voluntarily elected to halve his salary from its previous level of £360,000 per year to £180,000 with immediate effect from 1st April 2020. With this action he aims to assist further in reducing the Company's future capital requirements.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board said:
"These are difficult times for many people, for the Minto mine and for Pembridge. I took over the role of CEO and Chairman of the Board in September 2019 and accepted the exact same remuneration terms as those of my predecessor. Since that time I have invested approximately £4M of my own funds into Pembridge to help advance its objectives. Today, when reviewing costs, I also had to consider my own remuneration and feel the action that I have taken was right under the current circumstances. I assure all our shareholders that this does not reduce in any way my commitment to the Company."
ENDS
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is listed on the standard segment of the Official List of the FCA and trading on the main market for listed securities of London Stock Exchange plc. Minto is a British Columbia incorporated business operating the Minto mine in Yukon, Canada. Pembridge owns 11% (in Class A shares) of Minto.
About Minto Explorations Limited
Minto operates the underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway. In excess of US$350 million of capital expenditure has been invested into Minto operations since site construction began in 2006. The Minto mine was in continuous production between 2007 and 2018, when the mine was placed onto temporary care and maintenance. Pembridge acquired Minto from Capstone Mining Corporation in June 2019 and restarted operations in October 2019.
For further information contact:
Pembridge Resources plc: +44 (0)20 7917 2968
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom broker: +44 (0)20 3463 5016
Jonathan Evans