10th Dec 2015 09:49
LONDON (Alliance News) - Red Rock Resources PLC said Thursday that, following the sale of nearly half of its holding in Australian associate Star Striker Ltd last week, it is no longer represented on Star Striker's board as Red Rock Chairman Andrew Bell has stepped down.
Bell had been a non-executive director of Star Striker's board. Red Rock currently has a 4.05% interest in ASX-listed Star Striker, as well as 5.2 million options exercisable until the end of March next year.
"A year and a half ago SRT brought in new investors to work with existing management on a restructuring of the business and to seek a possible transaction in the technology or life science sector. This strategy has developed over time, and SRT has eliminated its weaknesses as a potential deal partner by reducing overhead, strengthening its net cash position, and getting a market following" Bell said in a statement.
"SRT is now in safer waters, at the last stages of a transition which is expected to bring in new cash-generating business and new management. Our active involvement now comes to an end, though we remain supportive shareholders," Bell added.
Shares in Red Rock were down 4.0% at 0.0168 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Red Rock Resources