FD leaves Chapelthorpe for ATH

Bradford-based Chapelthorpe, which is controlled by activist investor Peter Gyllenhammar, said Andy Weatherstone will leave the board at the end of the month.

He will replace the current FD of Doncaster-based ATH, Steven Beaumont. Mr Beaumont is leaving to join RecyCoal Ltd, the group's land remediation and coal recovery business which is being split from the business.

"We are delighted to welcome Andrew to the Board," said Alistair Black, chief executive of ATH Resources. "His wide experience will be of great value as we continue to drive the performance of the mining business forward."

Chapelthorpe added: "The company wishes to thank Andy for his contribution to the company during his period as a director and wishes him well for the future."

Last month Mr Weatherstone was one of three independent directors who advised shareholders to accept a 5.1m takeover bid from Mr Gyllenhammar for Chapelthorpe, despite admitting the offer undervalues the fibres maker.

Mr Gyllenhammar has offered 25p a share and wants to de-list Chapelthorpe from AIM. The group makes fibres used in cars, tea bags, carpets, mattresses and concrete.

Shareholders have until September 8 to accept his cash offer. Mr Gyllenhammar needs the support of 75 per cent of voting shareholders to de-list.