SCEE founder Frank Tomasi to retire

Company News

by Rachael Jones

The Board of Southern Cross Electrical Engineering (ASX:SXE) founder and non-executive director Frank Tomasi AM, intends to retire from the Board at the Company’s AGM at the end of this month.

Mr Tomasi yesterday disposed of some of his shares reducing his ultimate beneficial holding in the company from 27.9 per cent to 20.0 per cent.

He has indicated to the Board his current intention not to undertake further dealings with his remaining shareholdings for the time being.

The composition of the Board will be reviewed in due course.

Southern Cross Electrical Engineering (ASX:SXE) are 0.71 per cent lower at $0.70.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.