Corac suspends technical director

12 April 2012

CORAC, the AIM-listed intellectual property group, has suspended its technical director Richard Gozdawa and another employee pending an investigation under its disciplinary code.

The firm did not disclose the reasons for the suspension. But it said the issues under investigation did not involve its core products or mainstream operations.

Gozdawa, who holds 3.89% of the stock, was to move from being technical director to a consultant this summer. He sold 150,000 shares at 55p earlier this year, in a deal agreed at the time of the company's float to allow him to meet an impending tax liability. In the weeks after the float last summer, Corac issued a correction to the shareholding attributed to him in the flotation prospectus, after it emerged he had transferred 510,000 to his daughter just before the company's listing.

Corac joined AIM last July, when it raised £10m at 105p a share. It is currently trading at 26 1/2p, just above its record low.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in