23rd Oct 2015 07:24
LONDON (Alliance News) - Sefton Resources Inc Friday said trading on AIM has been suspended following the resignation of its nominated adviser Allenby Capital Ltd.
The company warned earlier this month that Allenby would resign when Clement Chambers and Michael Hodges were officially appointed to the board as interim chief executive and non-executive director, respectively.
On Friday, Sefton confirmed that both Chambers and Hodges have officially been appointed to the roles. Chambers and Hodges are co-founders and CEO and executive chairman, respectively, of financial information and investor website ADVFN.
Non-Executive Director Keith Morris and Chief Financial Officer Raylene Whitford also left the company on Friday, while Chairman Jossy Rachmantio has indicated his intention to stand down at or before the company's annual general meeting on November 13, and Non-Executive Director Tom Milne will also leave after the AGM.
Chambers and Hodges will stand for re-election at the AGM, but if they are not re-elected, Sefton will propose winding up the company, as it needs a minimum of two directors in order to run.
Under AIM rules, Sefton has one month to appoint a new nominated adviser, otherwise its shares will be cancelled. It did consider applying to trading on the ISDX Growth Market, but concluded that it is unlikely to be a viable option, so now is looking into listing on on the BritDAQ community platform in the event that it does not find a replacement nomad.
BritDAQ claims to be the "home of unlisted companies" which links fundraisers, companies, private investors and stakeholders.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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