White Energy MD and board take 20% pay cut

WHITE Energy managing director Brian Flannery along with this chairman Travers Duncan and his fellow senior executives and directors will forfeit 20% of their pay to preserve cash in the struggling company which a developing its binderless coal briquetting technology for world markets.
White Energy MD and board take 20% pay cut White Energy MD and board take 20% pay cut White Energy MD and board take 20% pay cut White Energy MD and board take 20% pay cut White Energy MD and board take 20% pay cut

White Energy managing director Brian Flannery

Lou Caruana

While White Energy Group had $26.5 million of cash and cash equivalents as at 30 September 2015 including restricted cash, the company’s chairman thought that it prudent to preserve its reserves in these uncertain times, he told the company’s annual general meeting.

“As a result of the depressed market conditions over the past six months, White Energy has implemented a number of measures to help conserve our cash balance,” he said.

“One measure undertaken was a voluntary 20% reduction in the base salaries of the managing director and other senior executives from 1 July 2015, an initiative which was in turn matched by all White Energy directors.

“Despite the current adverse market conditions, your board and management team is focused on delivering positive EBITDA within the short-term, with the objective of placing the company in a position to be able to pay a dividend in the medium-term.

“In the short-term, the focus will be on ensuring that MCC [Mountainside Coal Company] achieves a positive EBITDA which will enable it to start repaying shareholder loans advanced for the construction of the new coal wash plant and initial operating expenditure.”

This will hopefully be complemented by the proposed construction of our first coal fines beneficiation and upgrading plant in South Africa, he said.

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