| Beard resigns with immediate effect at IncaGold |
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| Tuesday, 05 February 2008 | |
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The board of troubled computer games firm IncaGold plc has announced that finance director Keith Beard has resigned with immediate effect.
The firm said that Beard had left in order to "concentrate on other interests". Jonathan Ely has been appointed to replace him with immediate effect. IncaGold specialises in producing and publishing download games, ringtones, entertainment and educational software, as well as media to enhance and support advertising and marketing campaigns. Working capital needs Shares in the firm have been in decline almost from the moment it launched on AIM in 2005. A series of disappointing trade updates, surprise arrivals and departures, and varying losses over the course of 2006/07 led to the announcement on 6 December that the group’s working capital position was very constrained and that the board was urgently seeking funds to address its working capital needs. Non-executive director Tony Love was dismissed with immediate effect with no reason given the next day, as shares reached a record low of just 0.125p from 6.125p a share in September 2005. The company subsequently said on 17 December that in the intervening period its working capital position has continued to deteriorate. It added that it had not yet obtained additional funding. As a result of this current uncertainty over the company's future, IncaGold requested an immediate suspension of trading in its shares. Trading was restored on 21 December. On 10 January 2008 the board said it was moving assets of the computer games publishing business into its Swiss subsidiary. IncaGold also said it was moving its registered office to the Isle of Man. Barrister Ely, 40, is a qualified barrister and has extensive experience in financial services gained over the last nine years working in corporate finance and fund management. He was the finance director and COO of an FSA regulated firm until last summer when he moved to the Isle of Man. Formerly of Deloitte and Touche, Beard is a chartered accountant with extensive experience in high-growth and early-stage companies as well as with large international operations. He replaced Roy Tilleard as CFO and company secretary with immediate effect in August 2006. Prior to joining IncaGold (LSE:IGD), he was CFO for Wordwave International, a subsidiary of Wordwave, Inc., a $150m VC-backed US company. Beard has also held roles as finance director for Rotary Group Holdings Limited, and Autobar Beverage Systems Limited. He has experience in finances and reporting in the UK, US, Asia and Australia. Shares in IncaGold plc closed at 0.165p in London on Tuesday. Related links |
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