I-mate, the mobile devices specialist founded by Glaswegian Jim Morrison, was punished again by the market yesterday after announcing the resignation of its finance director.
The Dubai-based maker of the rival to the Blackberry, dubbed the "Macberry" but sold largely in the Middle East, said Gregor McNeil would be stepping down for personal reasons.
I-mate said: "A search is in process for a new finance director and we will make a further announcement as soon as we have identified a suitable candidate, Trevor Mais will stand in as finance director until then. Gregor will continue to carry out his duties at I-mate until September in order to assist the company to manage through the transition."
The shares crashed 9p to 83.5p as nervy investors discounted the possibility of further bad news.
In early June, I-mate reported on an "extremely disappointing" financial year, with a fall in turnover and margins and its first loss. That followed a profits warning in January which wiped almost 50% off the group's market value - and £80m off Morrison's 75% stake - and forced a 25% cut in staff. I-mate's woes stemmed from bringing in three new Taiwanese suppliers, one of which failed to deliver.
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