Nitin Parekh has resigned as chief executive of Aim broker Hume Capital Securities, which has run into financial difficulties.
The Hume share price has slumped 0.06p a share to 0.14p a share. At the beginning of April, Hume raised £250,000 at 0.225p a share.
Parekh became chief executive when Hume Capital LLP reversed into XCAP Securities at the end of 2012. At that time, Parekh was awarded an annual salary of £120,000. He owns just over 20% of Hume.
Hume is short of cash and it recently announced its exit from market making. The business is being reviewed and more cash will be required. The board is in advanced discussions with potential providers of funding.
Hume non-executive director Jonathan Freeman is taking over as interim chief executive.
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