AI assistant
CYCLIQ GROUP LTD — Board/Management Information 2011
Nov 10, 2011
64746_rns_2011-11-10_4bef81ea-6d7e-4f29-8637-513a947fb27e.pdf
Board/Management Information
Open in viewerOpens in your device viewer
==> picture [160 x 72] intentionally omitted <==
11 November 2011
Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000
Appointment of Managing Director
Modena Resources Ltd. (Modena) (ASX: MDA) is pleased to advise that the Board of Directors has appointed Mr. Andrew Mattin as Managing Director, effective 10 November 2011.
Commenting on the appointment Modena’s Chairman, Mr. Cosimo Damiano, said, “On behalf of the Board of Directors, I am very pleased that Andrew has accepted this appointment. In his short time as an Executive Director with Modena he has demonstrated the strong leadership skills and brought a wealth of technical oil and gas experience to the Company. We believe this is a critical appointment for the future of the Company and we look forward to working closely with him over the coming years.”
In accordance with ASX guidelines requiring listed entities to disclose the relevant terms of the Managing Director’s remuneration, the Company advises that Mr. Mattin’s appointment is for an initial period of two years. His remuneration package has a fixed component of $240,000 (inclusive of superannuation) and a performance-based component that is determined by the Board of Directors annually. Remuneration will be reviewed at 30 June 2012 and annually thereafter. An equity-based incentive comprising 5 million options (vesting immediately and exercisable at $0.04 on or before 31 January 2015) will also be provided and will be subject to shareholder approval at the Annual General Meeting.
For further information please contact:
Cosimo Damiano
Non-Executive Chairman Phone: +61 3 9692 7222 Email: [email protected]
About Modena Resources: Modena Resources is an independent oil and gas production and exploration company, listed on the Australian Stock Exchange (Code – MDA). Its primary operations are in the Padre Island region of Texas, USA.
Suite 304, 22 St Kilda Road • St Kilda • Victoria • 3182 T: +61 3 9692 7222 F: +61 3 9529 8057