Kula Gold

Pay cuts, some up to 50 per cent, were the order of the day in the Business News quarterly CEO salary survey, but not all companies have been on trend.

FEATURE: Salaries have come under huge pressure during the past year as widespread cost cutting takes its toll on executives’ take-home pay.

When newly appointed managing directors agree to work for nothing, it’s a sure sign the cost pressures facing listed companies are getting more acute.

Perth-based explorer Kula Gold says it could save $US25 million, or 27 per cent, on the cost of building its Woodlark Island gold project in Papua New Guinea if done so in the current economic environment.

Doray Minerals co-founder Heath Hellewell has been promoted to the role of executive chairman of gold explorer Capricorn Metals, as the company restructures its board and management positions.

Perth-based Geopacific Resources has put forward a takeover bid for its joint venture partner, gold-focused Kula Gold, in an all-scrip deal that values the target at about $9.3 million.

Geopacific Resources has acquired a majority stake in Kula Gold after the takeover target’s largest shareholder accepted Geopacific’s recently increased offer.

Paul Thomson has signed a new service agreement with A-CAP Resources and will transition from his current role of managing director to chief executive.

Kula Gold has appointed current non-executive director Mark Bojanjac as non-executive chair.

Eon NRG is pleased to announce that the Company’s rights issue, as detailed in the Prospectus dated 6 February 2019, has been well supported by Eon’s shareholders and new investors and is now closed having raised total of ~$2.544 million before costs. 

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Michael Soucik has joined the board of Kula Gold as non-executive director.

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