New Talisman Gold's chief executive Matt Hill has been given notice. Photo / NZ Herald
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.
Soon after the announcement, NZX-listed New Talisman went into a brief trading halt, after which it clarified its original statement.
In its revised statement, the company said three months' notice has been given under the "without cause" clause in the management services agreement.
For the period of Hill's three months notice he will be acting with reduced delegated authority as chief executive officer, the company said.
"New Talisman Gold Mines has begun a process of reviewing its management structure and will be seeking suitable candidates for management roles," the company said.
"The board nominations committee continues to canvas candidates to broaden the skill base of the board, particularly with regards to members with accounting or financial backgrounds as New Talisman will need to reconstitute its audit committee with additional capability," it said.
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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