12th Oct 2015 07:34
LONDON (Alliance News) - Sefton Resources PLC said on Monday that Chief Financial Officer Raylene Whitford will leave the company no later than November 10, and that the prospective nominated adviser it intended to appoint to replace Allenby Capital Ltd has decided not to proceed.
Shares in Sefton were down 38% at 0.0310 pence, the biggest faller on AIM.
Allenby has said it will continue to act and support the company's current board. However, it has said it will resign at the same time as the appointment of new directors and the resignation of Non-Executive Director Tom Milne and Keith Morris.
Sefton received a requisition in September from a group of shareholders including former Interim Chairman Daniel Levi for an extraordinary general meeting to remove the entire board of the company apart from Executive Chairman Jossy Rachmantio.
The requistioners were seeking for Milne, Morris, and Whitford to be removed from the board. Levi, alongside the other requisitioners Christopher Williams and Charnjit Matharu, who collectively hold an 11.29% interest in the company, have also called for Sefton to appoint Clement Chambers as interim chief executive officer and Michael Hodges as a non-executive director of the company, both from financial information provider ADVFN PLC.
Under AIM rules, Sefton shares would be automatically suspended if Allenby Capital resigns, and then Sefton would have one month to source a new nominated adviser to replace Allenby Capital before its shares are cancelled.
Rachmantio will arrive in the UK Monday, Sefton said, and meet with Chambers to discuss the "best way forward as regards the interests of all shareholders".
"The board, on behalf of shareholders and individually, wish to express their appreciation and thanks for Ms Whitford's service to the company. Often the sole face and voice of the company, she dealt with a wide variety of issues, problems, challenges and opportunities in her short time with Sefton. At all times, she reflected professional values, leadership and high quality decision making," Rachmantio said in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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