HYR.L Share News (HYR)

LONDON (Alliance News) - Oil re-refining group Hydrodec Group PLC said on Wednesday that Chief Executive Officer Chris Ellis has resigned with immediate effect due to the illness of a close family member, after two and a half years in the role.

As a result, Chairman Colin Moynihan will take up the role of executive chairman and interim chief executive officer, while the board mulls over the composition of the senior executive team.

In addition, David Dinwoodie has been appointed to the board with immediate effect as interim chief financial officer.

Also, Hydrodec has secured an additional working capital facility of GBP500,000 from Non-Executive Director Andrew Black, which is due for repayment at the end of 2018 and does not bear any interest.

Hydrodec will provide a trading update for the first quarter of its year at the end of April.

Shares in Hydrodec Group were down 1.6% at 1.50 pence on Wednesday.