1st Apr 2016 15:34
LONDON (Alliance News) - Strat Aero PLC on Friday said it has filed legal action in Texas, US, against Hulsey Smith, the chairman and chief executive of its subsidiary Aero Kinetics on counts of fraud and breach of contract, as group CEO Tony Dunleavy steps down.
Shares in Strat Aero were trading down 12% at 3.17 pence on Friday afternoon.
The aerospace company bought Aero Kinetics from Smith in December. It said it will provide further updates in connection with the legal action as appropriate.
"Importantly, investors should note Aero Kinetics was not projected to have a significant impact on the performance of the group in the near future," Strat Aero said in a statement.
A full trading update, alongside the full year results for 2015, will be released in due course, the company said.
Meanwhile, Strat Aero said Chief Executive Tony Dunleavy has stepped down from his role to pursue other interests. He will be replaced by Iain McLure with immediate effect. McLure was previously CEO of postal services company Spring Global Mail, prior to which he was commercial director at Royal Mail International.
Elsewhere, Strat Aero said it is continuing to make good progress across its various other business divisions, particularly with its subsidiary Geocurve Holdings Ltd, which specialises in the provision of unmanned aerial vehicle operated topographical surveys and inspection services to blue chip customers.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
AERO.L