Iofina shares decline as CEO takes leave of absence

Shares in Iofina, a specialist in the exploration and production of iodine and specialty chemical iodine derivatives, dropped nearly 10 per cent on Monday morning after the group announced its Chief Executive Officer, Secretary and President, is taking a leave of absence for health reasons.

The director will return to his role once his treatment is completed, the firm added.

Non-Executive Chairman Dr. Chris Fay will assume the role of Executive Chairman, while Non-Executive Director Stuart Eaton will assume the role of Executive Operations Officer. Jeff Ploen will remain Non-Executive Deputy Chairman.

Fay said: "We wish Lance and his family the very best at this difficult time and look forward to welcoming him back, fit and well in due course."

The group added that trading continues in line with the board's expectations and the company expects to be in a position to announce its final results for the year ended December 31st 2012 in the near term.

The share price fell 9.51% to 195p by 08:43 Monday.

NR