Resignation sparks 10% drop in CNG

SHARES in CNG Travel dived 10% to new lows yesterday after the Kenmare-based travel reservation group’s chief executive resigned unexpectedly.

CNG shares fell to 30p on London’s Alternative Investment Market (AIM) on the news, more than 70% off the 103p at which the company floated last May.

Chief executive Finbarr Power, who also set up the company and retains a stake of almost 14%, quit yesterday after a disagreement with the rest of the board came to a head last week.