PeerTV surges after CEO resigns

The chief executive of AIM-listed Peer TV has resigned just months after announcing a deal to offload troublesome subsidiary.

Vermus, who joined Digitek in 2011 as chief financial officer and was appointed CEO of the whole group in January 2012, has resigned with immediate effect.

In a short statement, Peer TV said it was now "devoting its full resources to the PeerTV team to support and build the OTT [over the top] business".

The OTT business is focused on TV 'red button' technology, developing smart TV solutions that range from its line of set-top-box hardware and content management software for the internet TV market.

In October's debt-for-equity-swap deal, the group offered to exchange all Digitek loan notes in issue for 75% of the ordinary and preference share capital of Digitek. The deal was designed to cut PeerTV's equity holding from 64.1% of Digitek to 25%, with Digitek loan note holders owning the remainder.

Shares in Peer TV bounced 56% to 3.74p on the resignation news.