They are taking general public for a ride.
I cant understand there is so many rns issued by the company for past one year and all of them showed carrot of farm out but this appeal info kept under wraps. Serious issue with Board conduct.
Creditors will demand further flesh out and new rns will come we are glad and found creditors to pay for court ruling to swap barryroe, there are still great assets which has world wide attention will help us to give shareholder values jn very near future. Based on this successfull outcome am hearby pleased to announce the board will get 20% hike for their efforts.
what cheeses me is that if they have say one or two drawbacks, they would have been more aggressive in cutting farmout who ecer knocked at doors. i think they were dreaming and without any mercy they were drawing salaries all these years at our expense. shame on them
looks like appraisal well, they are slowly trickling news to media
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