Shares in Applecross-based pipe lining developer ShieldLiner Ltd rose four cents today on news the company's managing director and company secretary, John Hassen, had resigned.
Mr Hassen, who will leave the company on May 15, will be replaced by Trevor Gosatti as Company Secretary, and will fill in as managing director with an announcement regarding the appointment of a new managing director to be made in due course.
Shieldliner's share price ended at 17 cents at close of trade on the stock exchange today.
The full text of a company announcement is pasted below
The Chairman of ShieldLiner Ltd, Mr Jim McDonald, today announced that as part of a longer term review it had been mutually agreed with Mr John Hassen that he would resign as Managing Director on 18 April 2007 and leave the Company's employ on 15 May 2007. Mr Hassen has agreed to assist the Company with transition management issues after this date, to the extent necessary.
"Mr Hassen has led ShieldLiner since its incorporation and will be leaving with the sincere thanks of the Board for his efforts in representing the interests of all ShieldLiner shareholders during the Company's formative years and we wish him well in his future endeavours." Mr McDonald said today. "Under Mr Hassen's leadership, the ShieldLiner technology has been developed to the point where we are confident it will deliver a practical commercial tool which will enable competitive in-situ repair of damaged or corroded sewerage, water and storm water pipelines, with world-wide application."
"Additionally, ShieldLiner has been appointed exclusive distributor for Australia and New Zealand for the range of fibreglass re-enforced epoxy pipes and fittings manufactured by Fiberglass Systems LP of San Antonio, Texas. ShieldLiner has also moved to 100% ownership of Premium Pipe Services Pty. Ltd., under Mr Hassen's stewardship. Both these initiatives will result in cash flow positive business units which will enable ShieldLiner to deliver benefits to shareholders, as well as complete the development of the ShieldLiner tool." Mr McDonald said. "Mr Hassen is to be congratulated for his contribution and leadership on these initiatives and in establishing the team necessary to position the Company where it is now in a position to move forward and build an integrated pipe services business providing a range of trenchless technology solutions and also pipe supply, installation and associated services"
A further announcement will be made in due course regarding the appointment of a replacement Managing Director for ShieldLiner Ltd and other related staff appointments.