Challenger Energy Group (CEG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

0.14p
   
  • Change Today:
      0.003p
  • 52 Week High: 0.16
  • 52 Week Low: 0.038
  • Currency: UK Pounds
  • Shares Issued: 10,494m
  • Volume: 61,669,266
  • Market Cap: £14.69m
  • RiskGrade: 73

Bahamas Petroleum CEO package slashed in cost-cutting exercise

By Josh White

Date: Monday 06 Aug 2018

LONDON (ShareCast) - (Sharecast News) - Oil and gas exploration firm, Bahamas Petroleum Company, announced a number of permanent changes to the contract of its chief executive officer on Monday, which it said "significantly reduces" the basic salary, wrote off accrued cash payments, and ended the accrual of conditional share entitlements, while at the same time continuing to align management and shareholder interests.
The AIM-traded firm said that, following the fall in the oil price during 2015 and general slowdown in the oil and gas sector, the CEO proposed "substantial changes" to his compensation package to reduce cash costs to shareholders.

Since 1 April 2016, 90% of his compensation had reportedly been forgone to be repaid in an equal mix of cash and shares, conditional on successful funding arrangements for an exploration well consistent with licence obligations, the board said.

It explained that the key terms of the new contract included no change to the term of the existing contract, as previously announced, following which a three month notice period from either party would apply.

Headline annual salary would be reduced to $375,000, paid monthly, with all deferred cash entitlements, totalling approximately $1m, to be written off.

No further share entitlements would be awarded or accrued.

Additionally, all existing share entitlements - totalling 63,567,276 ordinary shares - and options would be retained, while continuing to be conditional on the successful conclusion of funding arrangements for an exploration well.

There would be no future entitlement to company pension contributions, with accrued but unpaid entitlements totalling approximately $0.2m to be written off.

"We consider the changes outlined to the CEO's contractual arrangements to be in the best interests of shareholders, by removing future cash obligations whilst maintaining the incentivisation of our CEO at this important and exciting time for the company," said non-executive chairman Bill Schrader.

"Importantly, alignment between management and shareholders has been maintained."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

CEG Market Data

Currency UK Pounds
Share Price 0.14p
Change Today 0.003p
% Change -1.75 %
52 Week High 0.16
52 Week Low 0.038
Volume 61,669,266
Shares Issued 10,494m
Market Cap £14.69m
RiskGrade 73

CEG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
85.71% above the market average85.71% above the market average85.71% above the market average85.71% above the market average85.71% above the market average
81.58% above the sector average81.58% above the sector average81.58% above the sector average81.58% above the sector average81.58% above the sector average
Price Trend
95.54% above the market average95.54% above the market average95.54% above the market average95.54% above the market average95.54% above the market average
97.56% above the sector average97.56% above the sector average97.56% above the sector average97.56% above the sector average97.56% above the sector average
Income Not Available
Growth
4.04% above the market average4.04% above the market average4.04% above the market average4.04% above the market average4.04% above the market average
9.43% below the sector average9.43% below the sector average9.43% below the sector average9.43% below the sector average9.43% below the sector average

CEG Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
17:08 15,000,000 @ 0.14p
16:41 2,500,000 @ 0.14p
16:35 2,821,429 @ 0.14p
16:35 21,429 @ 0.14p
16:35 1,503,571 @ 0.14p

CEG Key Personnel

CEO Eytan Uliel

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