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Aminex confirms director pay has been reduced by 90%

Senior employees have also agreed to accept temporary salary reductions of between 20% and 40% in return for share options

Aminex PLC - Aminex confirms director pay has reduced by 90%

Aminex PLC (LON:AEX) announced that it has now reduced cash remuneration for directors by 90%, down to a total of £100,000 or £8,000 per month.

In a statement, the group said its chairman John Bell has waived his annual fees of £100,000, and senior non-executive director Linda Beal has waived annual fees of £35,000. Both waivers are for twelve months.

Senior employees have also agreed to accept temporary salary reductions of between 20% and 40% in return for share options, it added.

READ: Aminex positive on Tanzania gas future

Previously, it was revealed that Aminex's new chief executive Robert Ambrose is paid a salary of £60,000 which is a reduction from the £180,000 paid to the prior chief executive and the £300,000 to the chief executive who served before that.

Ambrose, Bell and Beal were all issued share options on May 1, 2020. They vest over two years and have performance conditions aligned to Aminex’s strategic objectives.

Last week, Bell told investors, with the company’s full-year results, that he remained positive about the future despite a frustrating 2019 waiting for regulatory clearance and more recently the challenges of the coronavirus (COVID-19) pandemic.

Significantly, the firm has secured an extension to its licence for the Ruvuma gas project after it was approved by the Tanzanian authorities for one additional year.

The extension was one of the last remaining conditions required for Aminex to complete a farm-out transaction with ARA Petroleum.

Quick facts: Aminex PLC

Price: 0.825 GBX

LSE:AEX
Market: LSE
Market Cap: £31.11 m
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