Zenergy accountants to leave after shareholder revolt

Senior accountants are set to leave the board of Zenergy after shareholders rejected the semiconductor business’ strategy.

The board of Zenergy had proposed its sale, to improve the group’s access to funding and commercial relationships.

But, in a statement to the Stock Exchange, Zenergy announced it had quit the sale process due to resistance from shareholder groups.

“In the circumstances the NEDs have resigned from the Board with immediate effect,” said Zenergy in its statement.

Subsequently, Zenergy’s non-executives have stepped down. Among the non-execs was David Jeffcoat, chairman of its audit committee.

CIMA-qualified Jeffcoat was finance director of Ultra Electronic Holdings between 2000 and 2009.

Another leaver is Tony O’Reilly, who worked at Coopers & Lybrand in corporate finance, advising natural resource companies.

CFO Karen Chandler will leave the group at its AGM, as she will not seek re-election. Chandler was an associate director at KPMG specializing in transaction services where she worked on AIM and main market flotations.

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