LONDON (Alliance News) - Mining and energy entrepreneur David Lenigas announced Monday that he has retired from his leading roles at a string of AIM-listed companies with immediate effect in order to focus on his new business in Cuba.
Five companies released separate statements early Monday announcing that Lenigas was retiring with immediate effect, with some of them appointing immediate replacements.
Lenigas recently set up Leni Gas Cuba, which is looking to be listed in North America and is already listed on London's ISDX market. That company is set up to make investments in the Caribbean country, which has been in the spotlight recently after re-establishing ties with the US.
Lenigas raised the initial cash for Leni Gas Cuba by offering stock to individual investors through an app developed by London-listed Teathers Financial PLC, which also has invested GBP100,000 in the company.
Rare Earth Minerals PLC has appointed Andrew Suckling to take over as non-executive chairman of the company as Lenigas leaves after assisting the business move from a shell company to one with interests in some substantial lithium projects.
"I am immensely proud of what has been achieved so far in building this company into a potentially significant participant in the global lithium market. I have planned for some time to retire from the board once Andrew was ready to take the reins as chairman of the company," said Lenigas.
Investment firm Evocutis PLC and agricultural investment business AfriAg PLC have both appointed Hamish Harris as their new chairman to replace Lenigas. Lenigas did not comment on Evocutis, but did state once again he had planned to retire once AfriAg had reached a "solid platform".
Boiler developer Inspirit Energy Holdings PLC said Chief Executive John Gunn has taken over the role as chairman following Lenigas' departure.
Lenigas also retired from his non-executive director role at Bacanora Minerals Ltd, the miner working with Rare Earth Minerals on a major lithium project in Mexico.
Earlier this year, Lenigas left AIM-listed UK Oil and Gas Investments PLC, one of the companies involved in the Horse Hill oil discovery near Gatwick Airport.
AfriAg shares were worst hit by the news and were trading down 28% on Monday morning whilst Rare Earth shares were down 5.1%. Inspirit shares were down 5.3%, Bacanora shares were down 1.3% and Evocutis shares were untraded.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Inspirit Energy (INSP)