LONDON (Alliance News) - Leed Resources PLC saw its shares fall sharply Monday after it said its directors had agreed to cancel all their outstanding share options, part of its efforts to turnaround the business.
In December, the company had reported a GBP1.3 million loss for its last financial year as it wrote down the value of its investment in Manas Coal LLC, which was hit by uncertainties over a licence and as the financing environment for coal companies deteriorated, meaning it is struggling to raise new funds.
Leed is now looking for new investments.
Monday, Leed said Bromius Capital Pte Ltd, a company of which non-executive Director Ian Gibbs is a director and shareholder, had a total of 120,756,913 options outstanding, while interim Chairman Jinesh Patel had 103,505,926 options outstanding. Its former Chairman Peter Redmond agreed to cancel option awards over 120,756,913 shares.
"This is part of a programme of regeneration of the company and the board will make further announcements regarding strategy, operational guidance and how the board intends to deliver value to shareholders," it said in a statement.
Leed shares were down 16.7% at 0.05 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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