Two board members of motorcycle manufacturer, Vmoto, including chairman Lee Verios, have resigned from their positions, effective immediately.
Two board members of motorcycle manufacturer, Vmoto, including chairman Lee Verios, have resigned from their positions, effective immediately.
Mr Verios and non-executive director, Blair Sergeant were both pleased with the progress the company has made at the time of their departure, highlighting the completion of the company's Nanjing manufacturing facility in China and the commencement of its first major production run as major milestones.
"The manufacturing facility takes Vmoto to a new level and the company's prospects look very strong into the future," Mr Verios said in a statement.
"My position was due for re-election at the company's Annual General Meeting in November 2009 and I thought it appropriate to stand down now, at the same time as Mr Sergeant, to facilitate a speedy transition."
Full announcement below:
BOARD TRANSITION
ANNOUNCEMENT 29 SEPTEMBER 2009
Vmoto Limited ("Vmoto" or "the Company") (ASX:VMT) advises that Chairman, Mr Lee Verios, and non-executive Director, Mr Blair Sergeant, have resigned from the Board, effective immediately.
Mr Verios said he was pleased to step down from the Chairman's role with the Company in strong shape, following completion of its Nanjing manufacturing facility in China and the commencement of its first major production run.
"Vmoto has come a long way in a short number of years and now has a very strong platform from which to drive value for shareholders," said Mr Verios.
"The manufacturing facility takes Vmoto to a new level and the Company's prospects look very strong into the future. My position was due for re-election at the Company's Annual General Meeting in November 2009 and I thought it appropriate to stand down now, at the same time as Mr Sergeant, to facilitate a speedy transition."
Mr Sergeant, who relocated to South Africa in January 2008 in his capacity as Finance Director of Coal of Africa Limited, commented: "Unfortunately, recent developments have meant that I am no longer in a position to devote sufficient time to my role at Vmoto, though I am delighted to see the Company in such a strong position following completion of the Chinese manufacturing plant".
The Board of Vmoto would like to thank Lee and Blair for their outstanding contributions to the Company during its development into a fully integrated designer and manufacturer of quality branded motorcycles for world markets.
In accordance with its Corporate Governance plan, the Board will now consider the skills and experience required to take the Company forward and will update the market of any resultant appointments in due course.
An Appendix 3Z "Director's Final Interest Notice" will follow for each of Mr Verios and Mr Sergeant.
AUTHORISED BY:
Shannon Coates
Company Secretary
