(Alliance News) - Shares in Bytes Technology PLC on Wednesday plunged after the shock resignation of Chief Executive Neil Murphy.

Shares in the Surrey, England-based software, security, AI, and cloud services specialist slumped 14% to 520.00 pence each on Wednesday afternoon in London. In Johannesburg, shares fell 6.0% to ZAR136.40.

BTG said Murphy had resigned with immediate effect after disclosing to the board a number of undisclosed trades in the company.

The trades were not disclosed to the company or the market in compliance with the PDMR disclosure requirements, it added.

BTG said it was working to clarify the details of the undisclosed trades.

Based on the information provided to the board, Murphy's holding of BTG's shares is around 2.9 million shares and remains unchanged from the position notified to the market on November 28 last year.

The company said Sam Mudd, executive director and managing director of Phoenix Software Ltd, will assume the role of interim chief executive.

BTG stressed trading for the financial year ending February 29 has been in line with expectations.

Murphy joined BTG as the sales director in 1997 having previously worked as sales manager for ICL Fujitsu.

In 2000 he was promoted to the position of Managing Director of BTG.

By Jeremy Cutler, Alliance News reporter

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