Chinese lottery solutions provider DJI Holdings has moved to terminate CFO Rodney Davis contract, for failing to seek appropriate permission for the share disposals he made.
Davis who was due to depart the company at the end of October, is reported to have sold 250,000 shares between 30 September and 20 October without notifying DJI governance, a director requisite required by London AIM rules.
DJI released the following short statement regarding Davis’ actions
“DJI has adopted detailed policies for Directors’ share dealings and compliance with the AIM Rules before the IPO in July 2014 and all directors, including Mr Davis, have been and remain aware of their responsibilities in this regard,”
“As a result he has been issued with a notice of summary termination of his contract and will also be required to resign as a director of all DJI group companies with immediate effect.”
The incident will have likely caused DJI governance embarrassment, as the lottery provider announced last week that it would seek a secondary listing on the US NASDAQ exchange in order to enhance its “capital liquidity and develop a stronger investor base”.
bwin.party Entertainment’s former group finance director Steven Prowse is set to replace Rodney Davis as company CFO.