Volt Resources Limited (ASX:VRC) Announces Remuneration Adjustments and Loan Restructure
Remuneration Adjustments
Volt Resources Limited has implemented temporary adjustments to executive remuneration for a six-month period, effective from 1 March 2025 to 31 August 2025. Executive Chairman Asimwe Kabunga’s director and consulting fees will decrease from A$15,000 to A$4,500 per month, to be paid in equity. CEO and Managing Director Prashant Chintawar’s consulting fees will reduce from US$26,750 to US$18,750 per month, with 50% paid in equity and 50% in cash. Additionally, Non-Executive Director Dominic Virgara’s fees will increase from A$2,000 to A$4,500 per month, paid in equity. These adjustments are expected to result in a net expenditure reduction of approximately A$249,600 annually. Shareholder approval is required for the issuance of ordinary shares in lieu of cash payments.
Loan Restructure
The company has restructured a A$250,000 loan facility provided by Peter & Elaine Notman, Dominic Virgara, and Ven Capital. The loan, originally set to expire in November 2024 with a 10% fixed coupon, has been extended by 12 months with a reduced interest rate of 7% per annum (non-compounding). If the loan is not repaid by November 2025, the outstanding amounts will be converted into fully paid ordinary shares at A$0.0026 per share, subject to shareholder approval under ASX Listing Rule 10.11.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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