August 24, 2011 / 2:45 PM / 7 years ago

UPDATE 1-Arctic Glacier's ex-CEO resigns from board, shrs dive

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Aug 12 (Reuters) - Arctic Glacier Income Fund’s AG_u.TO shares lost a third of their value as the struggling packaged ice maker said industry veteran Robert Nagy, a former CEO and long-serving trustee, has resigned from its board.

The Winnipeg, Manitoba-based fund said Nagy, who has worked with the company and its predecessors for 40 years, resigned for “personal reasons.”

Nagy was chairman of the Arctic Glacier Inc from 1996 to 2002 and retired as CEO of the fund in December 2006 to move to the role of vice chairman. He had been a trustee of the Fund since its inception in 2002.

His departure is the latest setback for the company that earlier this month warned that its future depended on the support of its lenders.

The North American packaged ice industry has been under fire since 2007, when the U.S. government zeroed in on Reddy Ice , Arctic, and privately-owned Home City Ice, for an alleged conspiracy to eliminate smaller competition and keep retail prices higher than market levels.

Units of the fund were trading down 19 percent at 6.5 Canadian cents on Wednesday morning on the Toronto Stock Exchange. They touched a life-time low of 5.5 Canadian cents earlier in the day.

The stock was one of the top losers on the exchange with nearly 6 million shares changing hands by 1035 ET. (Reporting by Amruta Sabnis in Bangalore)

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