RE: Chariot crybabies are back I should keep to your more informed posts. Try starting by figuring how yr buddy MM and his sis managed to steal shareholder value - by more ways than the drill bit.
HRT will spend $ 20 million to compensate former directors The amount allocated to the payment of the bonus is proportional to the salary phase of turbulence in the HRT after the intervention fund for Discovery indicator board members had another chapter Friday when confirmed the departure of directors and financial directors. On Friday, Ricardo Dourado Bottas, who held executive management planning and new business, was appointed to fill the vacancy that was Carlos Tersandro Adeodato. The new managing director is Luiz Eduardo Conde, who held executive management and HR will replace Maria Emilia Rocha Mello de Azevedo, sister Marcio Mello, founder and shareholder of the company left the presidency of the company in May. The two names were choosing the new company's president, Milton Franke, and were sabatinados by the board HRT already used about £ 20 million from its cash this year only with the exchange board. The company ended the first quarter with R $ 829 million in cash, and much of the money should be used until December to pay costs of drilling in Africa and the Amazon that are already scheduled.The output of the two directors will impact approximately U.S. $ 9 million in cash HRT, since in January approved a clause providing for payment of bonus proportionate to the salary and other benefits to any director who leave the company. The value could not confirm whether the directors who took relinquished the benefits package. Adeodato will receive about $ 5 million and Maria Emilia approximately U.S. $ 4 million, according to sources heard by qualified value. Add up to this total more than U.S. $ 10 million received by Marcio Mello when he left as CEO of HRT on the 10th of May. paying the bonus HRT meets remuneration agreement-Severance Package - signed on January 22 when Mello also presided over the company and the board. The clause on the payment of a fee for the five board members is activated in the output of one of them, even if the executive resign and is not linked to any performance indicator. The amount allocated to the payment of the bonus is proportional to salary and had voted against only one of eleven members of the company when it was approved earlier this year. HRT aside £ 35 million for payment of this year. If the company finds oil in Namibia, this could rise to up to £ 44.3 million. A minority of the company heard it said by Value disgusted with the amount being paid. "Even when shareholders will allow the company's cash is spent in this way, without commitment results? Plugs are running out and if they do not find oil next pit Namibia this will be the silver bullet. Already passing of time for a intervention in this company, "said the source, who asked not to be identified. Upon HRT drilling the second well in Namibia, to achieve the prospectus called Murombe. The result of this drilling is expected for August.