But he retired from his director role too. And there was no indication in the original announcement he intended to just be a stop gap candidate.
I thought about it some more. The most likely possibilities are: (a) the investors who took up the placement wanted Phillips gone as a condition. Or, (b) Phillips didn't want to raise capital (to dilute his holding) while the board wanted it.
(b) is understandable. (a) is a bit worrying.
Ann: Kingsrose Expands Share Placement-KRM.AX, page-8
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