Intandem Films has lost its fourth director in three weeks.
Alan Bowen is the latest. He was a non-executive director but he was also finance director. This leaves Intandem without a non-executive director.
The two other non-executive directors Corinne Lambert and Chris Sykes both left at the beginning of August. Executive director Billy Hurman stepped down from the board at the end of July.
Chief executive Robert Mitchell and Andrew Brown are the directors left on the board.
The share price has been drifting downwards and has reached 0.22p, which is a 12 month low. In May, Intandem raised £175,000 at 0.375p a share, as well as issuing shares at the same price to satisfy £13,000 of outstanding directors fees. The cash was required to pay off liabilities and finance the attendance of the Cannes Film Festival. At the end of July, Intandem said that it had generated commission revenues of $273,000. That commission was expected to be received by the end of the year and Mitchell said that the financial position remains difficult.
Intandem has a slate of 29 films, ten of which are finished. The start date for the shooting of Red Billabong is 25 August and that will trigger a $20,000 payment.
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