17th May 2018 14:13
LONDON (Alliance News) - Pathfinder Minerals PLC said Thursday it denied any wrongdoing by its former Chief Executive Officer and current Executive director Nicholas Trew in relation to a personal loan application in 2016.
The natural resources company said after investigating the matter it concluded that no wrongdoing was made in the loan application by Trew.
In February 2016, Trew elected to receive GBP7,450 of his deferred salary entitlement and subsequently return this amount to the company.
"As result of the investigation, the company announces that the return to the company of this sum of deferred salary entitlement constitutes a transaction with a related party and should have been separately disclosed as such in the company's financial statements for the year ended 31 December 2016," Pathfinder said.
Last week the company moved Trew to the position of non-executive director after shareholders pushed for a meeting to remove him from the board.
Pathfinder shares were trading down 1.4% on early Thursday afternoon at 1.09 pence.
Related Shares:
PFP.L