Iconic Labs PLC (LON:ICON) told investors it has been informed by chairman David Sefton that he wishes to resign from the board at the conclusion of today’s AGM.

Sefton will continue to be involved with the company though not as a director.

John Quinlan will now take the role of interim chairman.

READ: Iconic Labs reshuffles board

In a statement, the company said: “David explained to the company that while he will continue to be involved in and support the company’s operations, and in particular business development, he felt that rumour and market speculation in respect of one of his previous companies, Anglo African Oil & Gas PLC, was having an adverse effect on the company such that it was in the interest of the company that he is not involved as a director or in the financing plans for the company at this time.”