Australian energy company, ERM Power Limited (ASX: EPW), released a transaction update on the proposed acquisition of ERM Power by Shell energy Australia Pty Ltd by way of a scheme of arrangement. The company also released an update on Mr Jon Stretch’s employment, few details about the update are mentioned below:
- Shell Energy confirmed to Mr Stretch that as the scheme becomes effective, the employment will be terminated with immediate effect and he will be paid fixed remuneration in lieu of all the six-month notice period.
- Shell Energy intention is for ERM power to pay Mr Stretch 5/12th of the discretionary and conditional short-term incentive bonus.
- It is expected that Shell Energy will provide Mr Stretch with a deed of termination, setting out the final amount owing to him close to the implementation date.
At AEST (1:10 PM), the stock was trading higher at $2.410, up by 0.417 per cent from the previous close.
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