Lotus scraps AIM plans and looks at Mongolia business
StockMarketWire.com - Lotus Resources has decided not to progress its potential listing on AIM and will carry out an immediate revaluation of its presence in the Mongolian mining sector.
It says this may involve the sale or joint-venturing of its subsidiary, Lotus Minerals Mongolia Ltd.
The board will also undertake an urgent assessment of the company's financial position, with a view to providing a long-term, sustainable platform to drive shareholder value.
Lotus says that as a result of this re-evaluation, CEO Simon Longworth and non-executive Luka Lu and Peter McNeill will be resigning from the board.
Lotus said Jonathan Bradley-Hoare had been appointed to the board as non-executive director and finance director James Benson would remain on the board for a transitional period while Lotus completes its strategic review.
Bradley-Hoare established his own accountancy practice, Welbeck Associates, and is closely involved with a number of listed companies, where he is responsible primarily for financial reporting and administrative issues.
It says this may involve the sale or joint-venturing of its subsidiary, Lotus Minerals Mongolia Ltd.
The board will also undertake an urgent assessment of the company's financial position, with a view to providing a long-term, sustainable platform to drive shareholder value.
Lotus says that as a result of this re-evaluation, CEO Simon Longworth and non-executive Luka Lu and Peter McNeill will be resigning from the board.
Lotus said Jonathan Bradley-Hoare had been appointed to the board as non-executive director and finance director James Benson would remain on the board for a transitional period while Lotus completes its strategic review.
Bradley-Hoare established his own accountancy practice, Welbeck Associates, and is closely involved with a number of listed companies, where he is responsible primarily for financial reporting and administrative issues.
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