Manganese Bronze directors quit
BLACK cab manufacturer Manganese Bronze Holdings has announced the resignation of two of its non-executive directors.
Frank Zhao and Lawrence Ang have left the Coventry-based group with immediate effect.
John Russell, MBH chief executive, said the resignations were connected with the group’s share placing to its Chinese joint venture partner Geely Group.
MBH issued a profit warning earlier this year advising shareholders that due to the uncertain economic climate and difficult trading conditions it was unlikely to generate a profit in 2010.
The group has instigated a significant cost reduction programme – one that will see production cease at its factory in Coventry.
Instead the site will become an assembly plant putting together parts manufactured in China.
The share placing with Geely will see the Chinese partner become the group’s largest shareholder. It is also hoped it will add stability to the firm as it looks to exploit the potential offered by the Chinese and Far Eastern markets.
In a statement to the London Stock Exchange, Mr Russell said: “Dr Zhao and Mr Ang have resigned from the board in order to help facilitate the placing of new ordinary shares to the Geely Group which was announced with the audited annual results on 17 March.
“The board expresses its gratitude to Dr Zhao and Mr Ang for their respective contributions to its deliberations.”
