Advertisement

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.

Advertisement - Article continues below

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.

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

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

OBR: UK house prices could fall by 12% next year
House prices

OBR: UK house prices could fall by 12% next year

The Office for Budget Responsibility says UK house prices could fall by as much as 12% next year. John Stepek looks at how likely that is.
14 Jul 2020
Three ideas for Lloyds Bank's new boss
UK stockmarkets

Three ideas for Lloyds Bank's new boss

The Black Horse needs whipping into shape. A change at the top provides a great opportunity, says Matthew Lynn.
12 Jul 2020
We’re spending more than at any time since World War II – how will we pay it back?
UK Economy

We’re spending more than at any time since World War II – how will we pay it back?

With the UK spending vast sums on stimulus measures, this year’s budget deficit will be greater than at any time since World War II. The big question,…
14 Jul 2020