14th Mar 2011 17:21
Mentum Inc ("the Company")
Board changes
The Board notes that, in its Preliminary results released on 10 March 2011 and in its Report and Accounts sent to shareholders today, the Company announced its decision to focus on its revenue stream derived from London Metal Exchange trading activities. Accordingly, all ancillary activities and the asset management business have either ceased or are in the process of being closed. Having made this decision, there is no longer a need for a UK management presence and actions have commenced to cut costs, many with immediate effect and others being phased out as obligations under contracts expire.
As part of this process, notice has been given to David Phipps and Andy Dobie who will cease to be directors of the Company with immediate effect. The Board would like to wish them well in their future business activities.
Graham Porter (Non-executive Chairman) will temporarily assume the role of Chief Executive. Chris Adams remains as Group Investment Director and Adrian Collins as Non-executive director.
Ends
Contacts:
Strand Hanson: | James Harris / Angela Peace | 020 7409 3494 |
Gable Communications: | John Bick | 07872 061 007 |
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