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.