Pembridge Resources plc Reduction in CEO Salary (0680J)
07 Abril 2020 - 8:00AM
UK Regulatory
TIDMPERE
RNS Number : 0680J
Pembridge Resources plc
07 April 2020
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 GBP360,000
per year to GBP180,000 with immediate effect from 1(st) 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 GBP4M 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
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contact rns@lseg.com or visit www.rns.com.
END
MSCKKOBNKBKDPQK
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April 07, 2020 07:00 ET (11:00 GMT)
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