Music promoter Mean Fiddler says it has ousted chief executive Mr Dean James and scrapped a planned acquisition because founder and chairman Mr Vince Power decided to remain in control.
Mean Fiddler shares were down almost 20 per cent, or 10-1/2 pence, at 43p following the news today.
The firm said Mr James was leaving with immediate effect and did not explain why it was scrapping a planned £5.7 million sterling acquisition of Media Internet Telecom Limited that was aimed at boosting its music download business.
"The process to find a new chief executive to take the business forward and deliver on the current strategy will begin with immediate effect," the company, which owns live music venues and organises outdoor music festivals, said.
Mean Fiddler said Mr Power, who was to have moved to a non-executive role following the acquisition, would continue in an executive capacity.
Mean Fiddler also suspended a placing of 10.2 million new shares and 34.7 million existing shares that was announced with the planned acquisition of MIT last week, including Mr Power's entire 35 per cent stake in the company and which would have netted him around £11.8 million.