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Maguire resigns as Africa Invest chief exec

Africa Invest Limited chairman and chief executive officer Jon Maguire has resigned from the firm.

The Malawi-based group revealed in a shareholder update to the Guernsey Stock Exchange that Maguire resigned from the firm last October, citing the underperfomance of the business in 2009.

Maguire helped set up Africa Invest Limited in 2006 and 15 per cent of the firm is managed by cru Investment Management, also founded by Maguire.

In the shareholder update, the firm says production of crops fell well short of forecasts made at the start of the year, the result of which is that the business is facing cash shortfalls and will need a cash injection if it is to survive as a going concern.

Maguire was forced to pull the launch of his Africa transformational agri fund in September last year following the withdrawal of a major seed investor.

Finance head Mark Scott has replaced Maguire as chief executive.

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