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
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
