7th Apr 2016 14:59
LONDON (Alliance News) - IPSA Group PLC said Thursday it has appointed Susan Laker as its chairman, after Richard Linnell did not stand for re-election at its annual general meeting. Chief Operating Officer Mark Otto resigned with immediate effect.
IPSA, now a cash shell following the sale of its Newcastle Cogeneration Pty Ltd power producer business, said last month its financial position remained "difficult and uncertain", adding it was reliant on creditors as it seeks to realise the proceeds from the sale of its assets.
The company said on Thursday its Non-Executive Chairman Richard Linnell had not stood for re-election at the annual general meeting earlier that day, appointing Laker to the position of chairman with immediate effect. Laker also is company secretary for IPSA.
IPSA said, following the annual general meeting, Chief Operating Office Mark Otto resigned with immediate effect.
IPSA shares have been suspended since March 30 at the company's request as it looked to clarify its financial position.
By Hannah Boland; [email protected]; @Hannaheboland
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