Bahamas Petroleum Company PLC Changes to CEO contractual terms (8519W)
06 August 2018 - 4:00PM
UK Regulatory
TIDMBPC
RNS Number : 8519W
Bahamas Petroleum Company PLC
06 August 2018
6 August 2018
Bahamas Petroleum Company plc
("BPC" or the "Company")
Changes to Chief Executive Officer ("CEO") contractual terms
Bahamas Petroleum Company plc, the oil and gas exploration
company with significant prospective resources in licences in The
Commonwealth of The Bahamas, announces a number of permanent
changes to the CEO's contract which significantly reduces the basic
salary, writes off accrued cash payments and ends accrual of
conditional share entitlements whilst at the same time continuing
to align management and shareholder interests.
Following the fall in the oil price during 2015 and general
slowdown in the oil and gas sector, the CEO proposed substantial
changes to his compensation package to dramatically reduce cash
costs to shareholders. Since 1(st) April 2016, 90 percent of his
compensation has been forgone to be repaid in an equal mix of cash
and shares conditional on successful funding arrangements for an
exploration well consistent with licence obligations.
The key terms of the new contract are:
1) No change to the term of the existing contract (as previously
announced), following which a three month notice period from either
party applies.
2) Headline annual salary to be reduced to $375,000, paid monthly.
3) All deferred cash entitlements, totalling approximately $1 million, to be written off.
4) No further share entitlements are to be awarded or accrued.
5) All existing share entitlements (totalling 63,567,276
ordinary shares) and options are retained whilst continuing to be
conditional on successful conclusion of funding arrangements for an
exploration well.
6) No future entitlement to company pension contributions.
Accrued but unpaid entitlement totalling approximatly $0.2 million
to be written off.
Bill Schrader, Non-Executive Chairman of Bahamas Petroleum,
said:
"We consider the changes outlined to the CEO's contractual
arrangements to be in the best interests of shareholders, by
removing future cash obligations whilst maintaining the
incentivisation of our CEO at this important and exciting time for
the Company. Importantly, alignment between management and
shareholders has been maintained."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Ends
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Bill Schrader, Chairman 647 883
Strand Hanson Limited - Nomad Tel: +44 (0) 20
Rory Murphy / James Spinney 7409 3494
Shore Capital Stockbrokers Limited Tel: +44 (0) 207
Jerry Keen / Toby Gibbs / James Thomas 408 4090
CAMARCO Tel: +44 (0) 20
Billy Clegg / Gordon Poole / James Crothers 3757 4983
Notes to editors:
Bahamas Petroleum Company is an oil and gas exploration company
with 100% owned offshore licences exclusively focused on The
Commonwealth of The Bahamas. The Company has significant
prospective resources, which have been de-risked through both
extensive 2D and 3D seismic. The Company is intent on delivering
safe and environmentally responsible exploration.
www.bpcplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRFKPDPOBKDKFK
(END) Dow Jones Newswires
August 06, 2018 02:00 ET (06:00 GMT)
Challenger Energy (LSE:CEG)
Historical Stock Chart
From Apr 2024 to May 2024
Challenger Energy (LSE:CEG)
Historical Stock Chart
From May 2023 to May 2024