Ann: Appointment of Director, page-11

@thunderhead1

To be frank, I am not very familiar with the Surfstitch story. From this link I found, though, it would appear that Cheadle did not support the decision to appoint administrators at Surfstitch, on the grounds that doing so while the company was still solvent wasn’t in the best interest of shareholders; she was in favour of selling assets instead (see below).

https://www.insideretail.com.au/news/surfstitch-supporters-say-turnaround-still-possible-201803

If ISD are still tracking according to previous guidance (we should know soon if that is not the case), [Net Debt]/EBITDA should be below 2.0x and FCF positive, so the Company should definitely be solvent.That being the case, it would be surprising if the same person, who had previously taken a position against putting a solvent firm into administration, had been hired by ISD to do just that. Don’t you think?

If, instead, they are looking into selling bits and pieces to pay down some debt, then I’m all for it.