Now its never good news when a company puts out an RNS after hours (okay, usually not good news) so, does this rns regarding Board Changes - mean bad news at XTR?
Extracts:
3) Andrew Morrison has resigned as a director and officer of the Company and leaves the Company with effect from today's date.
One of Peter's first priorities will be to conduct a comprehensive review of our Turkish business, its assets and license portfolio.
No position btw.
Morrison was CEO, whilst Moir only joined the XTR board in May this year, albeit from XTR's sub Elko..... Turkey has had its share of operational problems....adding 2+2 it's quite easy to get an answer of 6 or 7. Doubtless the traders will be watching first thing tomorrow...
XTR have never been a '7am release' company as this shows..........
http://www.investegate.co.uk/Index.aspx?searchtype=3&words=xtr
There was an accompanying operations update 10 mins later with another minor set back in Turkey -
http://www.investegate.co.uk/Article.aspx?id=201007051710578509O
Following mobilisation of the drilling rig to Sarikiz-2 in early May, workover operations were commenced. These operations involved cement repairs to isolate unproductive zones and proved more difficult than expected. It has become necessary to install a mechanical bridge plug in the well to provide further isolation and Extrem expect to run this component in the well next week. Subsequently, Extrem will attempt to re-establish production and install the down-hole pump to increase production rates.
That might have been Andrew Morrisons last chance...............
Following yesterday's announcement of the appointment of Peter Moir as CEO .............
........Peter Moir's responsibilities for Elko and Xtract have enabled the two companies to agree to form a joint task force to identify the strategic options open to both.
http://www.investegate.co.uk/Article.aspx?id=201007061600039242O
That was remarkably quick thinking!
