ADVFN PLC - London-based operator of financial information websites for private investors - Chief Executive Officer Clem Chambers agrees to step down "in the best interests of the company", after major shareholder Yair Tauman demanded his removal. Chambers will resign as CEO and as a company director, with effect from next Monday. Chief Financial Officer & Chief Technology Officer Jonathan Mullins will replace Chambers as CEO.
Chambers co-founded ADVFN alongside Chair Michael Hodges. Chambers has a 3.9% stake, plus a 10.7% stake in Online Blockchain PLC, which has a 17.6% stake. Chambers remains CEO of Online Blockchain.
On Wednesday, ADVFN had announced a potential 9.9% strategic investment and collaboration agreement with an unnamed overseas peer. The company had said it was considering how to respond to the letter received from shareholder Tauman in late January requesting a general meeting to vote on his proposal to remove Chambers from the board and to appoint Anthony Wollenberg, Amit Tauman and David Gold as directors. The Taumans have a combined 19% stake.
ADVFN says Chambers will support the management transition and may later sign a consulting agreement. He will receive one year's salary paid in full, plus one year's salary in new shares, in compensation for loss of office. This will amount to 592,419 shares, a 2.3% additional stake, at 70.19 pence, worth GBP415,819.
"I would like to thank Clem for his all his time and effort over the last 20 years," Hodges says. "He will be missed, and we wish him all the best for the future."
Current stock price: 74.00 pence, up 2.8% on Thursday
12-month change: doubled from 33.50p
By Tom Waite; thomaslwaite@alliancenews.com
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ADVFN (AFN)