The controversial chief executive of New Talisman Gold Mines, Matt Hill, has been given notice.
“New Talisman Gold Mines Ltd announces it has given notice of termination of the management services contract for Asia Pacific Capital Group Ltd,” the company said.
“Matthew Hill will no longer act in the capacity of the company’s chief executive officer,” it said.
The board would now begin a process of reviewing the management structure.
Hill’s departure comes at the end of a tumultuous time for the mine developer and explorer.
Hill – who the Financial Markets Authority has taken legal action against – resigned from the New Talisman board earlier in the week.
John Upperton, who owns 3 per cent of the company and who has been agitating for change, was elected chair of New Talisman just weeks after winning a seat on the board.
Earlier this week, the company announced that secretary Jane Bell had resigned and that Northland farmer Calum Kerr McKenzie had been appointed to the board.
Last week, former chairman Charbel Nader resigned after the company pulled its rights offer because of discord on its new-look board.
Earlier in that week, New Talisman director Murray Stevens retired from the board after five years of service.
Shareholders last month voted outsider and company critic Upperton on to the board and sought the removal of Nader and Hill as directors.
Upperton won by a comfortable majority, with the backing of the New Zealand Shareholders Association.
In August, the Financial Markets Authority (FMA) filed civil High Court proceedings against Hill for alleged information-based market manipulation and making false and misleading representations.
The case relates to anonymous posts Hill allegedly made about the company on the Sharetrader website’s online investor forum.
The company’s shares last traded at $0.003c.
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