Companies: ITI    LONR   

Resources-focused Australian entrepreneur David Lenigas, the entrepreneurial chief executive of African miner Lonrho, has taken over the chairmanship of acoustic technology minnow Immersion Technologies.

The company’s chairman, Gregory Turnidge, and chief executive, Craig Evans, have both resigned from the board, although the latter will continue to provide consultancy services, as the co-inventor of its main products. Evans and finance director Blair Snowball, who announced his resignation earlier in the month, have been replaced, but a full-time chief is still sought.

‘The company has reached some significant milestones since the reverse takeover in April 2007,’ says Lenigas, adding that he is ‘confident that the team and technology will continue to achieve greater heights in the coming months’.

Valued at just £5.7 million, pre-revenue Immersion, which reversed into AIM shell St James Energy, designs speciality loudspeakers and recently signed a £6.2 million deal with Singaporean electronics firm Nakamichi. Immersion’s shares are a long way below
their 13.5p float price at 2.5p.