Focus Xplore PLC has announced a board reshuffle, appointing Antony Legge as Independent Non-Executive Chairman and David Russell as Executive Director, alongside the addition of Neil Slade as Non-Executive Director. Sean Wade and Patrick Cullen have stepped down from their roles.
The company is currently reviewing both its existing interests and potential new exploration opportunities. The previously announced convertible loan note (CLN) is now unconditional, with funds expected to be received shortly.
As part of cost-control measures, total salaries for the newly appointed directors will be capped at £60,000 to limit cash burn. Patrick Cullen has also waived his accrued fees, instead receiving an ex-gratia payment of €11,695 and £5,500 in shares.
In addition, Antony Legge, David Russell and Neil Slade will each be granted £10,000 in warrants.
Board Comment
Antony Legge, Non-Executive Chairman, commented:
“On behalf of the new Board, I would like to thank Patrick Cullen for his dedication and support during this period of transition. His efforts have ensured a smooth handover, and we wish him well.
“The new Board is united in its commitment to rebuilding shareholder value. Our immediate priorities are to complete the review of existing interests and to progress new opportunities whilst carefully managing the company’s limited financial resources. We look forward to updating shareholders on our progress in due course.”
