LONDON (Alliance News) - Environmental Recycling Technologies PLC said Tuesday Managing Director Lee Clayton has resigned with immediate effect in order to enable him to negotiate a "significant new licence on behalf of a potential US licencee."
The company said that as this move is expected to requirement the establishment of a new company involving Clayton, the board has formed the view that Clayton is conflicted, and has therefore accepted his resignation.
Additionally, Environmental Recycling Technologies said it is in talks which, it completed successfully, would result in the acquisition of a business "operating in a complementary sector."
Shares in Environmental Recycling Technologies were up 8.0% at 0.135 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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