Serinus Energy extends temporary reduction in salaries and fees

Serinus Energy plc (LON:SENX) has announced that the Directors of the Company have agreed to extend the temporary reduction in salaries and fees previously announced on 27 April 2020. The reductions will remain due to the current economic environment created by the impact of COVID-19 and compounded by low commodity prices.  The Company’s priority remains the safety and well-being of its staff while safeguarding its operations and the actions announced in its update on 20 March 2020 continue to be successfully implemented.

The Board has reviewed and agreed to continue the following temporary measures, with effect from 1 July 2020 until 30 September 2020, subject to further review at the end of that period:

·      a 20% reduction in the base salary for Jeffrey Auld and Andrew Fairclough the Executive Directors, for which the Executive Directors will receive ordinary shares in the Company in lieu of the equivalent amount of salary deducted; and

·      the Non-Executive Directors will also take a temporary 25% reduction in fees for the same period.

Shares issued to the Executive Directors will be allotted within five business days following 30 September 2020, and any subsequent period as may be implemented by the Board. The number of ordinary shares to be issued is to be determined by dividing the gross amount of salary deducted by the volume weighted average of the middle market quotations for one Ordinary Share for the 90 days ending on 30 September 2020, or any subsequent period as may be implemented by the Board.

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