A BOARDROOM RESHUFFLE at Pan European Terminals has seen the finance director resign with immediate effect.
The AIM-listed hydrocarbon shipment and storage business has seen several board members move on. FD Adrian Simpson, chairman Richard Healey and non-executive Louis Castro have stepped down.
The search for Simpson’s replacement is “well advanced”, the company said in a statement to the stock exchange.
Current chief executive Simon Escott will serve as executive chairman on an interim basis. Reg Eccles has also joined, as senior independent director.
Simon Escott, interim executive chairman, said: “We have the opportunity at this time to build a really strong and pro-active board and we will make sure we use this opportunity wisely and in the best interest of all the shareholders.”
The group’s recent interim accounts (period ending 30 June 2013) saw a sharp fall in revenues to £7.4m from £12.1m having moved away from low margin business in Baltic Top, but operating profits held firm, to £1m from £1.6m for the same period a year earlier.
Its share price was down 2.00p in this morning’s trading, to 19.75p -valuing the company at £21m by market cap.
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