20th May 2016 12:58
LONDON (Alliance News) - New World Resources PLC on Friday said its executive chairman has resigned, as well as three of its non-executive directors, as the company said it was taking all practicable actions to minimise its costs and streamline its remaining responsibilities and activities in light of recent developments.
New World earlier this month confirmed it was on the brink of collapse as its shares were suspended from trading on the London Stock Exchange after its subsidiary filed for insolvency. If the subsidiary OKD is made insolvent, then New World would be "wound up or broken up in an orderly manner", the company said at the time.
On Friday, New World Resources said its Executive Chairman Gareth Penny has tendered his resignation, effective as of May 31, and three of its independent directors, Senior Independent Director Bessel Kok, Independent Director Alyson Warhurst and Independent Director Ian Ashby had also resigned. The non-executives will leave the board on May 20, the company said.
New World said Boudewijn Wentink will remain as an executive director of the company, and will take over Penny's executive responsibilities from May 31 onwards.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.