Sharechat Logo

Plus SMS Holdings CEO, CFO quit: Shares drop 32%

Tuesday 16th September 2008

Text too small?
Plus SMS Holdings, whose CRE8 subsidiary provides mobile entertainment and connectivity services, said chief executive Chris Tiensch and chief financial officer Les Coates resigned. The shares fell 32%.

The announcement was made in a letter to the NZX from Christchurch law firm Clark Boyce. Partner Hans van Schreven wasn't immediately available to answer questions.

Tiensch and Coates gave six months notice of their intention to resign, according to the statement. Tiensch resigned as chairman effective immediately.

The company has appointed Robert Hunter to its board and named him new chairman. In addition, the board is in discussions with some other senior executives about their future roles and expects to make a further statement within 10 days. The company gave no explanation.

The stock fell 1.8 cents to 3.9 cents on the NZAX market and has declined 20% this year, about matching the NZX 50 index.

The company posted a full-year loss of about NZ$7 million, an improvement from 2007, when the loss was NZ$11.9 million.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Plus SMS slapped with fine, threatened with de-listing for improper reporting
Plus SMS suspension stands after it fails to deliver annual report