Henderson drops share options plan

Peter Henderson
Peter Henderson Jacklyn Wagner

METGASCO chief executive Peter Henderson has sacrificed a CEO incentive scheme worth four million shares to him following moves by a disgruntled group of shareholders to oust the Metgasco board.

Mr Henderson issued a statement to shareholders on Friday, signalling he would cancel the incentive scheme - despite the fact it wasn't payable until 2016, and only if he was able to achieve a certain share price increase.

"I recognise the sensitivity associated with the award of any shares at a time when the company's (and general gas industry's) performance has been disappointing, even if the shares are severely restricted as in the case of these shares," Mr Henderson wrote.

The scheme was set to be voted upon at the company's annual general meeting next Tuesday.

Mr Henderson said he did not want to "cloud decisions" by shareholders at the meeting that will also see the rebel group move a resolution to dump the current board and replace it with two former Metgasco executives.

Dissatisfaction with the company's share price and performance has been brewing since its suspension of operations in March.

Despite Metgasco now planning to restart its drilling operation as early as the new year, angry shareholders have blamed the board for the company's recent lack of progress.

Topics:  coal seam gas csg metgasco peter henderson

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