Freeman departs helm of First Capital
First Capital Group’s share price remained hovering around the five cents a share mark at the opening of trading today despite the resignation late on Monday of its managing director and major shareholder, Leslie Freeman.
The company, which has seen its share price plummet from around 25 cents a share in January, announced that Freeman would be resigning from all boards of First Capital and its subsidiaries but would remain the company’s largest shareholder.
In a statement issued on the Australian Stock Exchange (ASX) late on Monday afternoon, Freeman claimed that “intense media scrutiny about my personal business affairs has caused unnecessary focus on First Capital without just cause. Therefore, it is in the interest of First Capital that I stand down immediately.”
He said the underlying companies of First Capital continued to be managed by existing management and staff.
The company’s announcement to the ASX said that executive director, Tom Wallace, would take over as managing director pending a board review.
AUTHOR
Mike Taylor
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
