Iron ore: Shutterstock
Rod Baxter has resigned as MD of Western Australian mining engineering firm Calibre Group after a horrible few months of trading.
Calibre floated on the ASX last August at $1.63 a share. Its share price plunged to $0.50 after the company halved its profit expectations.
Calibre was trading at $0.29 at close yesterday and opened at $0.28.
Baxter has been Calibre’s MD since June 2009. The company told shareholders yesterday evening that he would serve out a 6-month notice period in accordance with his contract.
The heads of Calibre’s businesses Calibre Global, G&S Engineering and Brown Consulting will report directly to chairman Ray Horsburgh until a replacement is appointed.
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