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12 Dec 2008 15:03
Cosalt plc
("Cosalt" or "the Company")
12 December 2008
Directorate
The Board of Cosalt announces that David Ross has, at its request, stepped down as Chairman but is to remain on the Board.
The Board's decision has been taken in light of the events concerning Mr. Ross's shareholding in the Company and the review by the committee appointed by the Board to look into them.
Whilst the Board accepts that Mr. Ross apparently breached certain regulations, it is currently of the view that he did so wholly unintentionally and that this in itself does not require him to step down from the Board altogether.
David Hobdey, senior Independent Director, has been appointed interim Chairman.
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Mark Garraway |
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