PEMBRIDGE RESOURCES PLC

Remuneration Information • Nov 30, 2020

National Storage Mechanism | Additional information

RNS Number : 8366G

Pembridge Resources plc

30 November 2020

30 November 2020

Share Options

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") announces savings in salaries and directors' remuneration and that it has granted share options to its directors and CFO.

As part of its cost control measures, Pembridge has agreed with its officers that they will take a salary reduction of 30% effective for 2021 and 2022, and that its non-executive directors will not be paid their fees of £25,000 per year for the same period.  The non-executive directors have agreed also that they will receive only half of their fees due to the end of 2020.  Combined, these measures will give a saving for the Company of £335,000 over the coming two years. 

Share Options in Lieu of Directors and Officers fees

The Board of Directors has decided, as compensation for the foregone salaries and fees, to award share options exercisable after 30 June 2021 at 5p per share.  The Board believe that this will further align directors and officers with the shareholders whilst preserving cash.

	Options granted	Exercise Price
Guy Le Bel (non-executive director)	1,395,833	5p
Frank McAllister (non-executive director)	1,395,833	5p
Gati Al-Jebouri (Chairman and CEO)	2,235,000	5p
David James (CFO)	1,680,000	5p
Total	6,706,667

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:

"Like many other companies this year, Pembridge has faced financial challenges and had to reconsider its cost base.  I am pleased that we have been able to agree a saving for the Company in a manner that is fair to the people affected, and that ties their interests to those of our investors."

ENDS

NOTES TO EDITORS

About Pembridge Resources plc

Pembridge is a mining company that is listed on the standard segment of the Official List of the FCA and trading on the main market for listed securities of London Stock Exchange plc. Pembridge has an investment in Minto Explorations Ltd, a British Columbia incorporated business operating the Minto mine in Yukon, Canada.

Enquiries:

Pembridge Resources plc:                                                              +44 (0)20 7917 2968

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board

David James, Chief Financial Officer

Brandon Hill Capital - United Kingdom:                                         +44 (0)20 3463 5016

Jonathan Evans

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCKKCBBNBDDCDB