28th Oct 2015 09:07
LONDON (Alliance News) - DJI Holdings PLC Wednesday said it is terminating the director's contract of outgoing Chief Financial Officer Rodney Davis after he failed to seek authorisation for recent share disposals he made.
The Chinese sports and welfare lottery products company said last Friday that Davis had sold 255,000 shares between September 30 and October 20, leaving him with 2.8 million shares, representing 1.9% of the company's issued share capital.
On Wednesday, DJI said that Davis did not seek prior authorisation for the disposals as required by the company's share dealing code for directors, nor did he notify the company immediately following each trade as required by the AIM Rules.
Accordingly, DJI has issued notice of summary termination of the contract through which Davis was engaged as chief financial officer, which requires him to resign as a director of all DJI group companies with immediate effect.
Davis was due to step down from his role at the end of the month anyway after resigning for personal reasons, and DJI added that his successor Steven Prowse has commenced his new position.
Shares in DJI were trading down 4.5% at 43.20 pence Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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