In April 2013, Venturex Resources Limited (ASX: VXR) implemented a number of changes to reduce corporate expenditure in response to deteriorating equity and metal market conditions.
The Company wishes to advise the implementation of further measures in this regard.
From 1 July 2013, Managing Director, Michael Mulroney has agreed to a salary reduction of $100,000 per annum to $250,000 per annum. All other employment terms and conditions remain unchanged.
In addition, STI bonuses for the Managing Director and all other employees have been cancelled for the year ended 30 June 2013.
VXR Chairman Tony Kiernan commented “We have been monitoring the volatility in the financial markets and ongoing weakness in the resources sector and recognise that cost discipline is an essential component of maximising the Company’s cash position. Having taken steps earlier in the year to reduce corporate overheads, the Board considered it prudent to further these.”
As at 30 June 2013, the Company’s cash was $ 3.26 million.
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