Friday, TyraTech Inc. (TYR.L), a producer of insecticides and parasiticides, announced the implementaion of a 10% salary reduction for 2009 for certain senior executives and Board members, effective immediately, in order to reduce group overheads. Separately, the company announced a share buyback transaction with its departing members of staff.
TyraTech stated that the salary reduction, which is agreed by the executives and members, is a result of its ongoing focus on cost reduction.
The reduction has been implemented for Board members Doug Armstrong, chief executive officer; Keith Bigsby, chief financial officer; and senior managers Rick Brenner and Essam Enan, the company noted.
Commenting on the salary reduction, Douglas Armstrong, chief executive officer, said, "TyraTech's senior management team remains committed to reducing the Group's costs and delivering revenue from its multiple revenue streams in 2009 and as such, have agreed to a salary reduction for 2009."
In addition, TyraTech said it remains on secure financial footing, which has been further strengthened by the recent receipt ahead of schedule of more than 75% of its second milestone payment from Kraft under its worldwide exclusive co-development and technology sub-license agreement.
The company noted that its anticipated sales growth from the Crawling Insect Spray and WasteSolver animal waste recycling products and the commencement of sales from the newly signed exclusive strategic business relationship agreement with Terminix International would contribute to its revenue for 2009.
Additionally, TyraTech said it has repurchased shares of its common stock from a number of departing members of staff with a par value of $0.001 per share.
On 15 January 2009, the company purchased from four departing members of staff 220,795 common shares at par, each following the exercise of its discretionary right to repurchase unvested shares under a Unit Grant Agreement issued under the TyraTech LLC Equity Incentive Plan, Right to Repurchase.
TyraTech intends to hold the 229,403 common shares purchased in treasury. Following the purchase of these shares, the company holds a total of 309,025 Common Shares in treasury and has 22,000,022 Common Shares in issue and admitted to trading on AIM.
In a separate communique, TyraTech noted that on 15 January, a total of 198,236 stock appreciation right, or SAR, options over shares of common stock in the company with a par value of $0.001 per share have been awarded as part of the 2007 Equity Compensation Plan award scheme.
TYR.L closed Thursday's trading session at 35.00 pence, down 17.65%.
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