BOOM - CA CONFIRMED30 Jun 2021 11:46
New beginning!
In relation to the current Executive Directors - Mr Maris and Mr Chaffe - whilst Crystal Amber continues to have serious concerns as to their suitability and performance, it was not seeking their removal at the general meeting scheduled for 5 July 2021. This was to ensure continuity with the proposed incoming Non-Executive Directors. Market participants would have seen from Hurricane's announcement of the result of the sanction hearing an assertion that in the event the Executive Directors were removed from the Board at the AGM today, the Company's Nominated Adviser was likely to resign with immediate effect. As a consequence, this would have resulted in the shares of the company being suspended from trading and, if a replacement Nominated Adviser was not in place within a period of one month, it would have resulted in the shares being de-listed from AIM.
In the circumstances, and following discussions between Crystal Amber and Hurricane, it was agreed that it was in the best interests of all stakeholders that the Executive Directors remain on the Board for the time being.