Smart Parking (ASX:SPZ) terminated the employment of the Company’s UK Managing Director and CFO upon being made aware of conduct that was considered inconsistent with the company’s values and policies and in breach of their employment contracts.
As announced on May 17, Paul Gillespie assumed the role of UK Managing Director on an interim basis and will remain in the role until a suitable replacement is found.
The Board has subsequently completed both an internal and thorough independent review into their conduct and can confirm the following: 1. The conduct, whilst inappropriate, did not involve any illegal or criminal activity. 2. The company has and will continue to operate in full compliance with the rules and regulations of the British Parking Association and the DVLA in the UK as is confirmed by regular audits from both organisations. 3. The Technology business has been unaffected by recent events in the UK.
Shares in Smart Parking (ASX:SPZ) are down 16.07 per cent to 24c.