Financial services software provider Praemium has told the Australian Securities Exchange(ASX) today that it has effectively reduced the level of the company’s losses by resolving not to pay any significant cash bonuses for the 2007-08 financial year.
In an announcement to the ASX today, the company said the decision with respect to the bonuses had been made after the company had released its preliminary final results and that the reversal of the bonus accrual “had the effect of reducing the 2007-08 loss from $11,988,578 after tax to $10,687,427 after tax”.
At the same time, the company announced that two of its directors, Chris Silcox and Malcolm Taylor, had advised they would be retiring as directors and not standing for re-election.
It said that Silcox would, however, continue as chief operating officer of the Australian business and as a director of
Praemium Australia while Taylor would continue to chair the group’s remuneration committee until his resignation as a non-executive director takes effect at the annual general meeting in November.
