GCM Resources PLC on Friday said that Chair Christian Taylor-Wilkinson will resign from his role at the end of the month, after the company’s largest shareholder proposed to remove him from the board of directors.

GCM Resources shares fell 29% to 1.98 pence each on Friday afternoon in London.

The London-based mining and energy company said it has started the process of appointing a new chair, as Taylor-Wilkinson’s resignation will take effect on February 28.

Last week Wednesday, GCM Resources said that its largest shareholder, Polo Investments Ltd, which holds a stake of just under 21%, requested that Taylor-Wilkinson be removed from GCM Resources’s board.

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