Paschal Taggart to resign as Datalex chairman

Paschal Taggart to resign as Datalex chairman

Datalex chairman Paschal Taggart is to resign after the company's agm in the summer.

Mr Taggart announced his decision after shareholders in the troubled travel software company unanimously voted, at a special egm, to approve a €6.14m secured 18-month term loan from an investment vehicle controlled by Datalex's main shareholder Dermot Desmond.

Mr Taggart has been planning to leave the company for some time. He did not comment when asked if he expected further resignations from the executive board but said new people would add energy to the company.

Last month, an independent review found "significant" accounting irregularities at Datalex and confirmed its revenues and earnings for the first half of 2018 were misstated. Earlier this week, the company - which provides retail software for travel booking firms and airlines like Aer Lingus and Lufthansa - said it will miss the end-of-April regulatory deadline for the publication of its 2018 annual results.

It is expected the company will now report its 2018 results before the end of June. Its agm, therefore, is now expected to take place in July or August.

Datalex is also looking to completely overhaul its finance team and is understood to have identified a new chief financial officer and is expected to announce the appointment early next month.

The company's share price has slumped by over 70% in the past 12 months, but jumped back by around 16% after the egm. Trading in Datalex's shares is due to be suspended from next Wednesday until its 2018 accounts are formally filed.


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