Iconic Labs Plc (LSE:ICON), a multi-divisional new media and technology business, announces that it has been informed by the Chairman, David Sefton, that he wishes to resign from the board at the conclusion of the AGM, which is to be held later today.
David explained to the Company that while he will continue to be involved in and support the Company’s operations, and in particular business development, he felt that rumour and market speculation in respect of one of his previous companies, Anglo African Oil & Gas Plc (“AAOG”), was having an adverse effect on the Company such that it was in the interest of the Company that he is not involved as a director or in the financing plans for the Company at this time.
David resigned as Chairman of AAOG earlier this year, at which time it was planning to increase production and cashflow by drilling a sidetrack before the end of 2019 and capital had been raised for that purpose. David has had no involvement with AAOG since then. David explained that he is therefore not privy to any exact details of the issues that have arisen there since he left, but has every confidence in the board of AAOG to resolve them as best they can in the interests of the shareholders and in order to realise value from the Tilapia asset.
The board is very grateful that David will continue to be involved with the Company but understands his reluctance to continue as a director at this time. As a result, John Quinlan will assume the role of interim chairman. As previously announced, the board recognises the benefit of experienced non-executive directors with the right sector and corporate skills to best help the Company as it accelerates its growth. In this regard, discussions are underway and the Company will make announcements in due course.
Resolution 4 will therefore not be put forward for consideration at the AGM to be held later today. The result of the other resolutions will be announced at the completion of the meeting.
Market Abuse Regulation (MAR) Disclosure – Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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