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Directex Realisations

  • BY: Andrew Hore |
  • POSTED: 02/03/2010 |

Nicholas Ward is stepping down as executive chairman of Directex Realisations because it is clear that the shareholders will not pass the resolution to cancel the company’s Aim-quotation at the EGM on 4 March.

Ward says that cancelling the quotation is key to his strategy of returning cash to shareholders. The first resolution at the EGM is a vote to remove him from office but he is leaving whatever the outcome of that vote.

Ward successfully restructured the group, then known as Interactive Prospect Targeting, when it ran into financial difficulties two years ago. He is not seeking any compensation for leaving.

Ken Russell has increased his stake in Directex to 4.05%. Non-exec director Martin Kiersnowski sold 1m shares at 1.5p each on 12 February, which took his stake below 2.99%.

At 2.75p a share, up 0.125p on the day, Directex is valued at £1.38m.

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