FSL Trust warns of 'significant' loss; CEO quits after 'breach of duties' accusations

Singapore

SHARES of First Ship Lease (FSL) Trust were dealt a double whammy on Monday as it warned of a "significant net loss" for the financial year ended Dec 31 (FY2016) and announced the cessation of Alan Hatton as chief executive officer following a "show cause" notice over "potential misconduct" and "breach of duties".

The stock, which resumed trading following a trading halt on Friday, closed trading 11 per cent down at S$0.138 after falling as low as S$0.135. More than 2.3 million shares changed hands.