Cambrian reject FD's resignation
Mining group stops resignation of FD Jo Mallins,following fine by the FSA
Cambrian Mining yesterday rejected the resignation of finance director Jo
Mallins, who handed in his notice after receiving a £25,000 fine from the
Financial Services Authority.
Mallins was censured for twice buying shares in the AIM-listed miner before
price-sensitive releases to the stock exchange.
In a statement the group said it was ‘in no way condoning the purchase of
shares by Mr Malins during a close period’ but had noted that none of the shares
Malins had purchased had been sold and that Malins ‘did not seek to gain
immediate financial advantage’.
The group added: ‘Mr Malins has offered his resignation to the board of
Cambrian Mining, which has been rejected.
‘The board continues to give Mr Malins its full support in view of his
contribution to the development of the company and believes he has a significant
role to play in the future.’