By Samuel Indyk
Investing.com – Shares in Omega Diagnostics (LON:ODX) were trading higher on Wednesday after the company announced that is Chief Executive Officer Colin King is to step down from his role with immediate effect.
The AIM-listed company has appointed Jag Grewal as King’s replacement with immediate effect. Grewal has been a member of the board since joining the company in June 2011 and was last Managing Director of the Health and Nutrition Division.
“On behalf of the Board I would like to thank Colin for his contribution to the business over the last six and a half years,” Omega Diagnostics Chairman Simon Douglas said.
“Colin has been a valued leader of the Omega team and it is with considerable regret that he has decided to step down and I would like to wish him all the best in his future endeavours.
“I would also like to welcome Jag into this new role and we look forward to working together on the next phase of Omega's exciting future.”
Cash Balance
Alongside the announcement, the company also responded to recent speculation about its cash balance.
Omega confirmed it has cash balances in excess of £2.5 million and an undrawn overdraft facility of £2.0 million, thus saying there is no short-term need to raise additional capital.
However, the company added that it will look to raise funds to drive growth as and when appropriate.
At 09:23GMT, shares in Omega Diagnostics were trading higher by 3.3% at 15.75 pence per share.