Surface Transforms PLC - Liverpool-based producer of carbon-ceramic automotive brake discs - Says Non-Executive Chair Andrew Kitchingman has resigned with immediate effect, having only been in the role since September 16. Kitchingman had replaced David Bundred, and is also chair of Mpac Group PLC and senior independent non-executive director of London Security PLC and Andrews Sykes Group PLC.

Ian Cleminson is named interim chair until a successor is appointed. Cleminson says: ‘While short term business priorities are focused on operational improvements and tight management of cash, we are reviewing strategic opportunities to bring longer-term financial stability to the company.’

Current stock price: 0.18 pence, down 27% in London on Wednesday afternoon

12-month change: down 99%

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