(Alliance News) - Iconic Labs PLC on Monday said that Chair David Sefton is stepping down from the board effective immediately.
The new media & technology business said that Sefton will step down at the end of Monday's annual general meeting, as he believes that "rumours and market speculation" about Anglo African Oil & Gas PLC, where until recently he was executive chair, was having an adverse effect on Iconic Labs.
Back in September, Anglo African Oil had said Sefton would be stepping down to focus on other projects.
On Friday last week, Anglo African Oil said it had agreed to sell an 80% stake in its wholly-owned Congo subsidiary to oil & gas producer Zenith Energy Ltd for GBP1 million. The decision to sell the subsidiary comes after Anglo Africa failed to raise finance for a planned well work programme amid limited cash resources. Upon completion of the sale, Anglo African Oil & Gas will become a cash shell on AIM.
Iconic Labs said on Monday that Sefton will cease to be involved as a director or in the company's financing plans but will continue to support the operations particularly in business development.
Chief Executive John Quinlan will assume the role of interim chairman until a replacement is found.
Shares in Iconic Labs were trading 14% higher at 0.077 pence per share on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Iconic Labs (ICON)