HEAR IT FIRST WITH OUR DAILY NEWSLETTER



We don't spam. Learn more about our Privacy Policy

Space satellite maker Kleos is paying its chairman a whopping $364,000 for working just 150 days of the year.

Peter Round is working an extra 50 days a year for the company (ASX:KSS) and as a result his pay packet is rising from €150,000 per annum to €225,000 ($364,000).

This was announced the same day  Kleos (ASX:KSS) issued its September quarterly report, which said it received no money in the quarter and burnt almost €1m in cash.

Next quarter it plans to spend €2.7m.

Kleos has €6m left of its $11m IPO capital raising.

The company is promising revenue in the second quarter of 2019 — or by June next year — when it launches its first nano-satellites, dubbed the Kleos Scouting Mission.

It says it has enough money to keep going until then.

Eric Tyler, who helped list the company in August, is also resigning from the board.

Mr Tyler, who used to go by a different surname, has also worked for struggling tech company Zyber (ASX:ZYB), failed recruitment site Search Party, up and coming energy tech company Kalina Power (ASX:KPO), Robo 3D (ASX:RBO) and Thred (ASX:THD), a company which has just scrapped its much-vaunted flagship products.

“Stepping away from a board position at Kleos will allow me to focus on the important Asia Pacific market, and continue to provide consultancy services,” Mr Tyler said.

“Moving towards our KSM launch in Q2 2019, with industry support from Tier 1 companies is a true validation for the Kleos technology, and I look forward to continuing my work as part of that journey.”

Kleos shares were up 4.35 per cent at 12c.

Kleos shares since listing in August.