Results of AGM/ Remuneration Policy

8 Dec 2008 07:30

AIM Release  8 December 2008 

OXUS GOLD PLC

Result of AGM

Executive remuneration changes

At the Annual General Meeting held in London on 5 December 2008 Oxus Gold Plc ('Oxus' or the 'Company') announced that, all the resolutions were duly passed.

At the AGM Douglas Sutherland and Gordon Wylie retired by rotation and Richard Shead assumed the role of Non-executive Chairman.

Oxus also announces changes to the executive remuneration of the Board and senior management. All directors of the Company and all senior management (including all senior expatriate management of Amantaytau Goldfields ("AGF")), have elected to receive 20% of their normal annual salary in new ordinary shares in the Company, instead of in cash with effect from 1 October 2008. 

These shares will be issued quarterly in arrears on the last business day of each calendar quarter, commencing 31 December 2008. The number of shares to be issued to each director or senior manager will be calculated by reference to the cash value of 20% of that person's salary divided by the average mid-market closing price of the Company's ordinary shares for the three months ending two business days before the day of issue.

It is anticipated that this exercise will save the Company approximately £75,000 per calendar quarter in cash. The Board intends that the scheme will remain effective for at least six months and the election to receive shares in lieu of cash represents a binding commitment. 

Richard Wilkins, CEO, said "Taking stock based payment in lieu of cash salary is a commitment from directors and senior management and reflects their commitment and confidence in the Company. It will also help us preserve our existing cash resources, including the proceeds of the convertible loan notes that we placed in May this year, and the cash generated from ongoing gold and silver production at AGF." 

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