20th May 2014 10:08
LONDON (Alliance News) - Electric scooter manufacturer Vmoto Ltd fell sharply Tuesday after it said Non-Executive Chairman Simon Farrell had resigned with immediate effect.
The company didn't say why Farrell had resigned, but said it was going to start looking for new non-executive directors with appropriate qualifications and experience to strengthen its board.
"On behalf of the board I would like to thank Simon for his contribution and input. Simon leaves the business in a healthy state at a time when it is delivering on its strategy and growing strongly," Managing Director Charles Chen said in a statement.
Farrell was appointed non-executive chairman in January last year. He had previously been managing director of Coal of Africa, and Vmoto chose him for his experience of working in China and with the broking and capital markets in London.
Vmoto shares were down 28.1% at 2.05 pence Tuesday morning, one of the biggest declines on the London market.
By Steve McGrath; [email protected]; @SteveMcGrath1
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