09/12/2008 - 14:50

Pegusus Metals directors take a pay cut

09/12/2008 - 14:50

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Directors in West Perth-based explorer Pegasus Metals have agreed to more than halve their executive fees as part of the restructure of the company.

Pegusus Metals directors take a pay cut

Directors in West Perth-based explorer Pegasus Metals have agreed to more than halve their executive fees as part of the restructure of the company.

In a statement, new managing director George Katchan said the executive pay cut will come into effect from the start of next year, with other administrative costs being cut wherever possible.

Directors have also agreed to surrender their incentive share options.

Exploration expenditure will also be reduced to a minimum with the company to offload its Giant Placer project in the Kimberley and other project areas.

Mr Katchan added that the option over the Eden nickel project in Canada will be discontinued as of tomorrow.

Additionally, executive director Peter Andrews has relinquished his executive role with the company to become a non-executive director while Mr Katchan was promoted from director to managing director.

 

The announcement is pasted below:

 

Pegasus Metals Limited (ASX:PUN) announces that it has undertaken a thorough review of its cash position and its proposed administrative and exploration expenditure for 2009.

Dr George Katchan has been appointed Managing Director and Peter Andrews has relinquished his executive role with the Company. George Katchan has been the Company's Technical Director since August 2007. He is a widely experienced geologist with considerable Australian and overseas experience.

The Board is

Craig Munro Chairman (non-executive)
George Katchan Managing Director
Graham Anderson Director & Company Secretary
Peter Andrews Director (non-executive)

Board and executive remuneration will be cut by over 50% effective 1 January 2009 and the Directors have also surrendered their incentive share options.

Other administrative costs are being cut wherever possible.

Exploration expenditure will also be reduced to a minimum to follow-up 2008 Kimberley results. The option over the Eden Nickel Project in Canada will be discontinued effective tomorrow. The Giant Placer project in the Kimberley is being surrendered and other project areas will be cut back to curtail tenement commitments.

It is expected that the Company will have approximately $1.5 million cash as at 1 January 2009. Pegasus will continue to investigate corporate and advanced resources projects should they arise

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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