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30 Nov 2020 07:00
30 November 2020
Share Options
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") announces savings in salaries and directors' remuneration and that it has granted share options to its directors and CFO.
As part of its cost control measures, Pembridge has agreed with its officers that they will take a salary reduction of 30% effective for 2021 and 2022, and that its non-executive directors will not be paid their fees of £25,000 per year for the same period. The non-executive directors have agreed also that they will receive only half of their fees due to the end of 2020. Combined, these measures will give a saving for the Company of £335,000 over the coming two years.
Share Options in Lieu of Directors and Officers fees
The Board of Directors has decided, as compensation for the foregone salaries and fees, to award share options exercisable after 30 June 2021 at 5p per share. The Board believe that this will further align directors and officers with the shareholders whilst preserving cash.
| Options granted | Exercise Price |
Guy Le Bel (non-executive director) | 1,395,833 | 5p |
Frank McAllister (non-executive director) | 1,395,833 | 5p |
Gati Al-Jebouri (Chairman and CEO) | 2,235,000 | 5p |
David James (CFO) | 1,680,000 | 5p |
Total | 6,706,667 |
|
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"Like many other companies this year, Pembridge has faced financial challenges and had to reconsider its cost base. I am pleased that we have been able to agree a saving for the Company in a manner that is fair to the people affected, and that ties their interests to those of our investors."
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. Pembridge has an investment in Minto Explorations Ltd, a British Columbia incorporated business operating the Minto mine in Yukon, Canada.
Enquiries:
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: +44 (0)20 3463 5016
Jonathan Evans
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