21st Sep 2018 10:11
LONDON (Alliance News) - Pathfinder Minerals PLC on Friday reported an widened interim loss on the back of higher costs associated with a board reshuffling.
Shares in the Mozambique-focused miner were trading down 10% at 1.30 pence each.
For the six months to June 30, the miner posted a pretax loss of GBP392,000 compared to GBP275,000 a year prior.
As the company did not generate any revenue, the loss was entirely due to administrative costs, increased by 43% to GBP392,000, which included the costs of maintaining the company's stock market listing.
Of the loss, GBP51,000 relates to directors' fees and pension contributions and GBP77,000 was associated to expenses incurred following requisitions at the company's annual general meeting in August.
In August, former executive director Nick Trew stepped down from his role. Trew had been an executive director since May 2018, following a reshuffling of leadership which saw him out of his position as chief executive, which he had held since 2011.
Since March, Pathfinder received two requisitions seeking the ousting of both Trew and Chairman Henry Bellingham out of their positions at the time.
During August and September, former finance director Robert Easby stepped down. Meanwhile, Simon Farrell and Scott Richardson Brown were appointed as non-executive co-chairman and executive director respectively.
Related Shares:
PFP.L