Corac suspends technical director

CORAC, the AIM-listed intellectual property group, has suspended its technical director Richard Gozdawa and another employee pending an investigation under its disciplinary code.

The firm did not disclose the reasons for the suspension. But it said the issues under investigation did not involve its core products or mainstream operations.

Gozdawa, who holds 3.89% of the stock, was to move from being technical director to a consultant this summer. He sold 150,000 shares at 55p earlier this year, in a deal agreed at the time of the company's float to allow him to meet an impending tax liability. In the weeks after the float last summer, Corac issued a correction to the shareholding attributed to him in the flotation prospectus, after it emerged he had transferred 510,000 to his daughter just before the company's listing.

Corac joined AIM last July, when it raised £10m at 105p a share. It is currently trading at 26 1/2p, just above its record low.