Intra Energy shares suspended from trade after board departure
East Africa-focused coal minnow Intra Energy has suspended its shares from trade after breaching the Corporations Act following the resignation of a director.
IEC’s non-executive director Michael Addison resigned from the board citing no reasons for his departure.
Mr Addison, who is also the founding managing director of ASX-listed solar power play Genex Power, only joined the IEC board at the start of JuneHis
His departure means IEC (ASX:IEC) now has only one director residing in Australia.
Under section 201A (2) of the Corporations Act, at least two directors must ordinarily reside in Australia.
IEC’s shares will remain suspended until the company is able to provide an update regarding its board composition by November 30.
IEC is a developer and producer of thermal coal in Eastern Africa.
Its flagship coal project is the Tancoal mine in the Ngaka coalfield of Tanzania, operated by Tancoal Energy, a joint venture with the National Development Corporation of Tanzania.
Prior to suspension of its shares, IEC was trading at 0.8c with a market cap of around $3 million.