AJQ 5.00% 2.1¢ armour energy limited

News: AJQ Armour Energy Is Taking Steps To Reduce Corporate Costs By A Minimum Of 35%

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    April 27 (Reuters) - Armour Energy Ltd (AJQ) :

    • TAKING STEPS TO REDUCE CORPORATE COSTS BY A MINIMUM OF 35%
    • AIMING TO REDUCE OPERATING EXPENDITURE AT ITS KINCORA GAS PROJECT BY ABOUT 20%
    • WILL ALSO REDUCE, & WHERE POSSIBLE, DEFER PLANNED EXPLORATION & CAPITAL EXPENDITURES FOR 2020
    • BRUCE CLEMENT'S TENURE AS CEO TO COME TO AN END
    • ALL HEAD OFFICE STAFF REDUCING REMUNERATION BY 20%
    • WILL INCLUDE A NUMBER OF REDUNDANCIES
    • EXECUTIVE CHAIRMAN AND NON‐EXECUTIVE DIRECTORS WILL REDUCE THEIR FEES BY 20%
    • FUTURE CONSIDERATION WILL BE GIVEN TO PARTIAL PAYMENT OF DIRECTOR FEES IN SHARES
    • WILL SEEK TO REDUCE ALL OTHER OVERHEADS INCLUDING CONTRACTOR HOURS AND RATES, ADMINISTRATION COSTS AND OFFICE RENT
 
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