Announcement #1UPDATE 1-Envoy Capital CEO, directors resign
* Says to transfer all Monaco assets to Canada
* Sees one time restructuring cost of about C$5.6 mln
* Appoints Robert Pollock new CEO
Feb 10 (Reuters) - The CEO and directors of Envoy Capital Group Inc resigned, after the company said it was transferring assets in the Monaco unit to Canada and will operate its merchant banking business from its Toronto offices.
The restructuring is expected to cut about 60 percent of costs, and one-time restructuring costs are estimated at about C$5.6 million, the merchant banking and financial services company said.
The outgoing directors have been replaced by Robert Pollock, Tim Sorensen, David Guebert and John Campbell. Pollock has been appointed the chief executive.
Pollock is director, president and CEO of Primary Corp.
, a merchant banking company, and director and CEO of Primary Capital Inc, an exempt market dealer.
Shares of Envoy Capital closed at C$1.21 on Thursday on the Toronto Stock Exchange.
(Reporting by Aftab Ahmed in Bangalore; Editing by Unnikrishnan Nair) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 58 00 ; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))