Ann: Letter to Shareholders, page-23

Not buying what the board is saying about the CEO as it seems like quite a turnaround from the chairman’s letter in the last annual report:
“The improved performance Praemium has achieved in recent years has been the result of the energy and commitment of the management and all our staff, led by our Managing Director Michael Ohanessian. The successful execution of our strategy, which we have developed to create value for shareholders now and into the future, will be dependent on the skills and energies of Michael and his team.”
- Chairman Bruce Loveday, 2016 Annual Report

My take on the situation is this - low-quality board that the former chairman was keeping under control. New guy comes in and starts throwing his weight around, spending company money and making decisions that are bad for the company. The CEO loudly objects and he gets fired. The shareholders react badly and want to overthrow the board, so the board now has to concoct a post-hoc explanation of why they did it. All they can do is rake up mud to ruin the CEO’s reputation and paint themselves as his unwitting victims, in the process trashing the reputation of the company they are supposed to serve. They have to go!

For what its worth I've voted this morning.