Alan Harrold has become the fourth financial director in nine weeks to leave telecom company Redstone Telecom, following a decision to clarify a trading statement.
Redstone chief executive, Graham Cove, said: ‘I had a discussion with Mr Harrold and it was agreed that in the best interests of the company he would resign.’
Andrew Walsh, operations and finance director of Fastnet, Redstone’s data subsidiary, has been appointed acting group finance director in his place, and joins the Redstone board.
Harrold resigned following a board meeting last Wednesday, where the decision was taken to clarify a trading and financial update release from the previous day. His departure, which was confirmed in a subsequent company statement, led to an immediate collapse in the company’s share price, which fell 24% to 41.5p. Redstone shares were last trading at 44p each.
In its clarification statement, Redstone, audited by PKF, said it had #14.7m of cash reserves as of the 30 April, including #3.4m earmarked for acquisitions the company made during 2000.
Company information can be found at www.redstone.co.uk.
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