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Snowball has been with the firm, which specialises in the design, manufacture and supply of high definition acoustic HD-A technology, for two years and was instrumental in the St. James’s Energy plc reverse takeover transaction, through which Immersion achieved its listing on AIM in April 2007.

Shares in Immersion have dropped from 13.5 pence in April 2007 to 2.25 pence a share on 7 January 2008.

Immersion reported a pre-tax loss of £2.56 million in its final results for the period from 2 March 2006 to 30 June 2007 at the end of December 2007, with administrative expenses of £2.61 million.

The most significant charge against the group's results was an extraordinary share-based payment charge of £992,850 as compensation to the vendors of Whise Acoustics under the terms of the acquisition agreement.

Interim 

Immersion said it had appointed Scott Grimshaw as its interim group financial controller with immediate effect.

The firm (LSE:ITI) said that Grimshaw would not join the board, but was based in Melbourne and would work on a day-to-day basis with Immersion’s executive team.

Immersion’s executive management and finance function will be located at the Company’s headquarters in Melbourne, Australia.

Kiran Morzaria, a non-executive director of the company, will assume responsibility for the Immersion’s finance function at board level until a finance director is appointed.

Grimshaw is a chartered accountant and also holds a Bachelor of Commerce and Business Administration (major in accountancy) from the Victoria University of Wellington.

He spent ten years working for Tattersalls Limited, the international gaming business, with the last two years based in London. He initially worked as group financial controller and more recently was responsible for corporate strategy and business development, as general manager of European Investments at Tattersalls. 

Snowball, 34, was based in London and has 14 years of international experience in finance and advisory roles. He is a qualified accountant and an associate of the Institute of Chartered Accountants of Australia.

After completing his Bachelor of Commerce at the University of Western Australia, he worked for four years at KPMG in Audit & Advisory. He then moved to Ireland where he helped establish Barclays Insurance (Dublin) Ltd for the Barclays Group.

After a year with a private bank in London and the Channel Islands, he joined Cable & Wireless plc in 2000 and performed various finance management roles in both Europe and the Caribbean before joining Immersion in 2006.

Related links

• Immersion Technologies International plc