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Alliance News

Strat Aero Chair And CEO Both Depart Amid Exit From Training Business

Mon, 29th Jan 2018 09:34

LONDON (Alliance News) - Strat Aero PLC said Monday its Chief Executive Officer Iain McLure and founder and Executive Chairman Graham Peck both left the company amid the decision to discontinue its training operations.

The drone services firm explained it had decided to discontinue its training operations after a review of the ongoing funding requirements of the division.

In response, Peck - who founded the firm in 2014 - alongside Director of Commercial UAS Training & Education Mark Wharry decided to resign from the company with immediate effect.

Iain McLure also decided to leave the company immediately after "successfully" concluding the restructuring of the firm.

"Iain joined Strat Aero in April 2016 when the company faced many challenges, and he has successfully concluded a process of rationalisation, restoring the company to a stable position," Strat Aero said in a statement. "Having achieved this goal, he has decided to pursue other opportunities, and the board is grateful for his contribution."

Strat Aero agreed to give Peck access and use of its AUTQ training course materials.

The AIM-listed firm said Director of Engineering & Survey Gary Nel will continue to manage this division and will report to Executive Director Trevor Brown. Strat Aero will look to appoint a new chairman and make an announcement in due course.

Brown became an executive director after taking a 26% stake in Strat Aero in late December. This was after he subscribed to 58% of the shares issued in the firm's placing of 1.45 billion shares to raise GBP510,000.

The funds raised through the placing were originally intended to help fund the development of Strat Aero's training business.

"We thank Graham, Iain and Mark for their contributions to the business, and wish them all the best in their endeavours," Brown said. "I am confident that with these changes the company has a reinvigorated board now able to deliver shareholder value from a significantly reduced cost base."

Shares in Strat Aero were 11% lower at 0.0580 pence on Monday.

By Ahren Lester; ahrenlester@alliancenews.com.

Copyright 2018 Alliance News Limited. All Rights Reserved.

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