More time for new TV sees Rayynor out of Citrus board

Wednesday, 25 April 2012 01:12 - - {{hitsCtrl.values.hits}}

Shareholder Director Rayynor Silva has resigned from the Board of Citrus Leisure Plc and its subsidiaries with effect from 16 April.

No reasons were given for the resignation, but market talk was that ties between Rayynor and Citrus Director Dilith Jayaweera had strained owing to some news item regarding the latter in the former’s media outlets. However the duo was seen together in friendly chatter at the funeral of the mother of business leader Nimal Perera yesterday.

Jayaweera when contacted said Rayynor unfortunately hadn’t attended successive Board meetings, leading to his disqualification to remain a member of the Board.

Rayynor on the other hand maintained he couldn’t attend board meetings as he was engrossed with the launch of a new television channel on which he intends to spend more time going forward hence inability to contribute to Citrus Board discussions.

As at end 2011, Rayynor held an 11.7% stake in Citrus Leisure and was the third largest shareholder in addition to holding several Warrants.