REG - Artemis Resources Ld - Non-Executive Director Fees Update

Artemis ResourcesAnnouncement

15/07/2022 11:00

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RNS Number : 6619S  Artemis Resources Limited  15 July 2022

15 July 2022

Artemis Resources Limited

("Artemis" or the "Company")

(ASX/AIM: ARV, FRA: ATY, US: ARTTF)

 

Non-Executive Directors Fees Update

 

Artemis Resources Limited (ASX/AIM: ARV), ("Artemis" or the "Company") is
permitted (prescribed by rule 14.8 of Artemis' Constitution and for the
purpose of ASX Listing Rule 10.17) to pay its non-executive directors by way
of directors' fees a total of $150,000. This amount has not been increased
since the limit was last approved in 2017.

The Company has become aware that payments made to its non-executive directors
(NED) during the financial years ended 30 June 2020, 30 June 2021 and 30 June
2022 were in excess of Artemis' current maximum aggregate cap by $37,400,
$67,600 and $123,698 respectively. Artemis was therefore in breach of rule
14.8 of its Constitution and ASX Listing Rule 10.17 when it made the payments.

As Artemis shareholders would be aware, the Company has sought to restructure
the composition of its Board over recent years to ensure that it has an
appropriate mix of skills and expertise as it focuses on its core projects,
that the Board has balance, and in consideration of the Company's dual listing
on AIM, London. Artemis has recently appointed Vivienne Powe an additional
Independent Non-Executive  Director to the Board, and became aware of the
breach, when reviewing NED fees as part of this appointment.

As the Company has existing contractual arrangements with each of its
Non-Executive Directors and some Non-Executive Directors paid during the three
year period are no longer with Company, Artemis does not consider it
practicable to seek to recover amounts already paid in excess of the aggregate
fee cap.

Artemis proposes to seek the approval of shareholders to increase the maximum
aggregate amount the Company can pay to its non-executive directors at an
upcoming General Meeting so as to ensure that Artemis can continue to pay
directors' fees to its Non-Executive Directors in accordance with existing
contractual arrangements and that Artemis has the ability to attract and
retain suitably qualified Non-Executive Directors in future.

If shareholders decide not to increase the aggregate fee cap, the Company will
need to restructure remuneration payable to its Non-Executive Directors. Any
change to the remuneration of the Company's non-executive directors may impact
the Company's ability to retain and attract suitable qualified directors,
including the existing Non-Executive Directors of the Company. The Board of
Directors believe that the fees paid to Non-Executive Directors is in line
with market rates.

 

This announcement was approved for release by the Board.

For further information on the Company, please visit
www.artemisresources.com.au (http://www.artemisresources.com.au) or contact:

 Artemis Resources Limited                              via Camarco
 Alastair Clayton

 WH Ireland Limited

(Nominated Adviser and Broker)
 Jessica Cave / Megan Liddell (Corporate Finance)       Tel: +44 20 7220 1666

 Harry Ansell / Daniel Bristowe (Corporate Broking)     Tel: +44 20 7220 1648
 Camarco (Public Relations)                             Tel: +44 20 3781 9244
 Gordon Poole / James Crothers                          Email: artemis@camarco.co.uk (mailto:artemis@camarco.co.uk)

 Emily Hall / Rebecca Waterworth

 

About Artemis Resources

Artemis Resources (ASX: ARV; FRA: ATY; US: ARTTF) is a Perth-based exploration
and development company, led by an experienced team that has a focus on
delivering shareholder value from its Pilbara exploration projects - the
Greater Carlow gold-copper project in the West Pilbara and the Paterson
Central gold-copper project in the East Pilbara.

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