His announcement comes after PMP shareholders learnt in September they are not likely to receive any short-term dividend, while PMP has to restructure and pays down debt. The PMP board will meet some time in the next fortnight to discuss a successor.

The company will provide earnings guidance for the first half next year at its AGM in November. In a statement to the Australian Securities Exchange, Allely said, “I want to further my career as a non-executive director and I believe that, by giving 12 months notice, I have given the board the time to manage a smooth transition to my successor.”

PMP reported a net loss of $24.5 million in 2011-12, wider than the $11.3m loss in the prior corresponding period. It paid dividends of 2c per share last financial year.

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