Cline Selling or Dumping UMC? Write off?Cline owns 40% of UMC. Odd how Cline resigns its directors position on the BOD. With a 40% interest in UMC, one would thing you would want a seat on the BOD No?
So it it bad UMC news coming up? Cline selling it? Have they sold it? Is it written off?
Strange Indeed.
29 July 2008
UMC ENERGY PLC
(“UMC Energy” or “the Company”)
APPOINTMENT OF DIRECTOR AND RESIGNATIONS OF NONEXECUTIVE
DIRECTORS
The directors of UMC Energy plc (AIM : UEP) advise the following
changes to the composition of the board of directors of the
Company.
Mr Jonathan Reynolds has been appointed as Finance Director with
immediate effect. Messrs Chris Kyriakou and Glenn Whiddon, nonexecutive
directors, remain on the board.
Mr Kyriakou, who has been appointed Chairman of the board, stated
‘I would like to extend my sincere thanks to Messrs Cleary, Bates,
Bujtor and McKnight for their contribution to the Company over the
past several years.’
Mr Jonathan Reynolds has been the Company’s Chief Financial
Officer since 2005 and is presently Finance Director of Natasa
Mining Ltd, one of the Company’s major shareholders. Prior to that
he held the position of chief financial officer with a number of other
listed entities and before that was a senior manager with an
international firm of chartered accountants. He is a member of the
Institute of Chartered Accountants in Australia, a fellow of the
Financial Services Institute of Australasia and holds a Bachelor of
Commerce (Honours) degree.