Amaysim jumps after remuneration rejig
Amaysim shares have jumped more than 17 per cent after the mobile phone and energy plan provider announced it was changing how its executives get paid.
All non-director key management personnel would "forego cash bonuses under the Short Term Incentive Plan for FY20 and FY21 ... in exchange for a base salary increase from $450,000 to $550,000 and a grant of 4,250,000 performance rights under the Long Term Incentive Plan," Amaysim told the ASX on Tuesday.
The short term incentives had been worth up to 75 per cent of an individual's annual base salary.
The company's shares were up 17.65 per cent to 40 cents at 1400 AEDT on Tuesday as investors appeared to agree with Amaysim's statement that the reforms "more directly align remuneration for the KMP with shareholder interests over the longer term".
Launched as a mobile phone network operator in 2010, Amaysim expanded into offering electricity and gas plans on its platform after it bought Click Energy in April 2017.
"We have successfully disrupted the mobile market. We now intend to do the same with energy," chief executive Peter O'Connell said in August.
Amaysim said on Tuesday that Mr O'Connell, as a director and "already a significant shareholder in the business", would remain on the existing remuneration system.
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