Looking through the Notice of meeting and one wonders whether there is a fragmenting of the Board currently under way. The NoM includes a resolution to replace Deloittes as the auditors with PWC. The reoslution was requisitioned by shareholders with >5% of the shares on issue. The requisitioning shareholders however are Tom Kiing (Sieana) and Laura McBain (Vermillion 21). The requisition request dates back to September (14/9) but the substitution nomination for PWC was made by McBain on 22/10 (Monday, this week). It seems therefore that this was likely discussed at Board level but that the board was then split on this (Kiing + McBain, vs Tony Robinson + Hugh Robertson, with Tony likely using his casting vote as Chair to defeat the resolution). Resolution: otherwise the Board would have put the resolution up altogether from a board perspective rather than from a requisitioned perspective. If so, then this heralds in potentially interesting times with the chair and CEO in opposite corners, as well as the two NEDS. Perhaps, more needs to be explained here.
LON Price at posting:
35.0¢ Sentiment: None Disclosure: Not Held
