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Written by Colin Cameron
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Friday, 05 March 2010 16:04 |
Just days after his company announced a major group restructuring plan, OddGeir Oddsen, the managing director of Lighthouse Caledonia, has resigned.
Lighthouse had earlier suspended Mr Oddsen amid accusations of unreported share dealings back in December.
A spokeswoman for Lighthouse Caledonia told the Standard: “Mr Oddsen was suspended last week while the company investigated allegations that he had sold some shares in December and hadn’t reported them at the stock exchange. On Wednesday, Mr Oddsen resigned from his position in the company.”
The company announced in the last few days that it had applied to list a new business – the Scottish Salmon Company Ltd (SSC) – on the Norwegian Stock Exchange. In time, the aim is that SSC, to be domiciled in Jersey, will become the new parent company of the Lighthouse Group.
The new structure, in the company’s own words, “will provide increased flexibility for the group's future investments, growth, stability, competitiveness and strong marketing focus.”
The company spokeswoman sought to reassure staff that the operational business of Lighthouse Caledonia Ltd would not be affected either by the structural changes or the resignation its managing director.
The company employs a large number of people at its Cairndow processing base and at various sites elsewhere in Argyll and the west coast.
Jim Mullins, chairman of the board of directors of Lighthouse Caledonia, will serve as interim managing director prior to the appointment of a new managing director in the coming weeks.
Mr Mullins stated “OddGeir Oddsen has had a significant impact on Lighthouse Caledonia's operations and we wish him well for the future.”
These developments follow hard on the heels of record profits for Lighthouse Caledonia during the last quarter of 2009.
The company made £4.2 million profit before tax, against a £768,600 loss for the same period the previous year. Turnover during the period increased to £21.4 million against £9 million in 2009.
Around a year ago, Lighthouse was declaring itself to be in a “constrained liquidity situation” – in other words, it was running out of cash, and urgent action was needed to recover the situation.
Alongside a restructuring of its debt and a £15 million share issue, around £2 million was raised by the temporary leasing of fish to a feed manufacturing firm.
The company also shut its Stornoway plant, and ‘less productive’ sites, including its base at the Kyles of Bute were closed down, amongst others.
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Last Updated on Friday, 05 March 2010 17:01 |
