(Alliance News) - Porta Communications PLC said Friday Chief Financial Officer Rhydian Bankes has stepped down and will leave the company at the start of November.
Bankes - CFO since 2017 - will continue to help with the GBP4.5 million all-share takeover of Porta by Italian peer SEC SpA, first agreed in June. This deal is expected to complete on September 3.
"On behalf of the board, I would like to take this opportunity to thank Rhydian for his many significant contributions to the group since joining in January 2016," Porta Chair John Foley said. "He has been a valued member of the team and leaves us in a strong position as we embark on this next chapter in our story as SEC Newgate SpA. We wish him every success in the future."
Porta will appoint a replacement finance chief in due course.
Shares in Porta were untraded at 0.48 pence in London on Friday.