Providence Resources Forum

bonus optiin would be better too, the salary will reflect how they steering the company. if you read carefully they said its upto 20% cut it can start from 1% to 20%. only 20% gets highlighted people think its 20% cut may not be the case

Providence Resources cuts top pay The company remains in negotiations with a number of partners to farm out its prize Barryroe Well asset (Finbarr O’Rourke) PROVIDENCE RESOURCES has slashed up to 20% from its management wages bill while the junior oil explorer seeks farm-out partners to help develop its oil exploration assets around Ireland. The company, headed by Tony O’Reilly Jr, saw its share price rise by more than 25% last week, to close at 17c, as a possible farm-out partner emerged and interest in Irish offshore oil exploration increased. O’Reilly signed a two-year deal last May that secured him an annual package of €450,000, subject to a one-year notice period. It has since emerged that he has agreed to take a drop in his salary of up to 20% and that members of the senior management team are also taking similar wage cuts.’ “We have made cuts across the business to make sure that we are fighting fit. We have looked at every cost element,” said O’Reilly.

In sep 2015 during half year results company stated about reducing 20% G&A costs, now they have announed inflated salary cuts by 20%, this is a pokibg shareholders quite a lot as it runs to millions. Need to push for aggressive cuts

For our great leader the offer should be 8000 euros per month and about 10000 in stock each month.

Their salaries is still unjustifiable, they brought company to its knees and their deliverable are nill. The best option for them to take minimal salaries and offer remaining salary in shares; as our great leaders always said lot about barryroe and 5quid was abysmal. If there salaries linked to stock they will feel the pinch as what other shareholders going through.

Their salaries is still unjustifiable, they brought the company to it

Would probably Pay no tax as alot of costs to be written off.

If they can produce 30m cubic feet at 5:35 dollars per BTU If Providence retained 30 % for example this Would give gross revenue of 17.5 m dollars. Would be a help

Hey Spuddy. No, a dont have access to the page. But it looks like somebody at providence resources has pulled the finger out and now we have a progress update and a salery cut in feburary. Is it our former legel advice lady thst got promoted? Something seems to have changed either way. For the better. I hope.

anybody got full Article. They should really be taking more Than a 20 % Pay cut.