KEY POINTS:
NZAX-listed mobile phone content company Plus SMS is losing two top executives who were carrying out the roles of chief executive, chairman, chief financial officer and company secretary.
Christopher Tiensch is resigning immediately as chairman and director, and will resign as chief executive in six months.
Les Coates has resigned immediately as company secretary, and given six months' notice of his resignation as chief financial officer.
Plus SMS' annual meeting earlier this month was adjourned until September 25 over the issuing of 13.5 million new shares to Tiensch.
The board was obtaining an independent legal opinion on the validity of the plan.
The role of chairman will be taken up by Robert Hunter, who is also joining the board immediately as a director. Hunter is a corporate adviser and company director.
The board was also talking to other senior executives about their futures, and expected to make more announcements in the next 10 days.
The company, the parent of mobile entertainment and connectivity services provider CRE8, effectively restarted a year ago with new management and a new strategy.
Plus SMS's latest annual loss of $6.9 million was a 41 per cent improvement on the previous year.
In 2006, the company's shares halved after it admitted that it had made "unrealistic" statements to the stock exchange.
Its shares, which were on a brief trading halt this morning, were down 1.8c at 3.9c, having traded between 16c and 3.8c in the last year.
- NZPA
