SolGold shares fall as CEO resigns; board unveils cost-saving plans
Shares in AIM-listed mining company SolGold fell sharply on Thursday morning after the board issued a public announcement stating that Chief Executive Officer (CEO) Malcolm Norris had resigned.
Shares in AIM-listed mining company SolGold fell sharply on Thursday morning after the board issued a public announcement stating that Chief Executive Officer (CEO) Malcolm Norris had resigned.
The company, which secured full ownershuip of the prospective kuma license in the Solomon Islands last month, reported that Nicholas Mather would continue in his role as the Executive Director of the company during a transitionary period until the new CEO had been appointed.
Cost savings inititives announcedThe board stated that it had commenced implementing a range of rationalisation and cost-saving initiatives, including a reduction in board fees, a reduction in salary expenses and a reduction in the general adminitrative costs of running the company.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Praising Norris's contribution to the company, the board decribed him as having been "pivotal" in securing the company its Cascabel Copper Gold Porphyry project in Ecuador.
"The board is vigorously pursuing the appointment of a new CEO and expects to update the market with regard to this appointment in due course," the company reported.
The company's share price was down 8.33% to 2.75p at 09:12 on Thursday.
MF
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published