STEVE Remp is in line to receive dividends from SeaEnergy worth around £500,000 a month after stepping down from the company's board to return to his roots in oil and gas exploration in eastern Europe.
Mr Remp, who founded the Ramco oil and gas business from which SeaEnergy developed, is set to enjoy a big share of dividend payouts, totalling £6.9 million, which the company plans to make to investors.
Subject to the audit of 2011 accounts and shareholder approval, the Aim-listed company proposes to pay a dividend of 10p per share. It will fund the payments using a share of the £38m it raised last year by selling a subsidiary that planned to develop offshore wind farms in Scotland to Repsol.
Mr Remp has 5,141,088 shares, around 7.5% of those in issue.
With other long-term investors, Mr Remp is set to enjoy some reward for remaining invested in the business during a turbulent period.
Ramco Energy achieved renown in the 1990s after making a big find in Azerbaijan but then suffered heavy losses after a plan to restart production from an Irish gas field misfired.
Mr Remp now hopes to breathe fresh life into an exploration programme that Ramco started in Montenegro, where work stalled amid disputes with the Government.
SeaEnergy is focusing on providing support services for renewable energy firms. The company said yesterday it is looking for acquisitions in that sphere.
Acting chief executive John Aldersey-Williams has been confirmed in post. David Sigsworth succeeded Mr Remp as chairman last month.
The company said its remuneration committee has reviewed executive pay policies "in order to more properly align the interests of shareholders and executive directors". Details will be included in the 2011 annual report.
Shares in SeaEnergy closed up 0.5p at 27.25p yesterday. That gave the company a market capitalisation of £19m.
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