Biotech Daily report today gives a bit more insight OPTISCAN...

Biotech Daily report today gives a bit more insight

OPTISCAN IMAGING
Optiscan founder Peter Delaney says he has resigned and expects the rest of the senior management team to follow, with a counter-spill meeting called by other shareholders. Earlier this month, Optiscan said it received a board spill call from shareholders including director Ian Mann, former chief executive officer Archie Fraser and the inventor of the company’s confocal microscope technology and former director Mr Delaney, who, with others, held 57,817,204 shares or 13.41 percent of the company (BD: Mar 16, 19, 2018). The notice said the group wanted to remove chairman Alan Hoffman and directors Peter Francis, Dr Ian Griffiths and Dr Philip Currie, to be replaced by Mr Fraser and Ron Grey. Today, Mr Delaney told Biotech Daily that he formally resigned two weeks ago but had a three-month notice period to serve.
“It appears the entire senior management will resign, representing decades of knowledge and understanding of the technology and the business,” Mr Delaney said.
“They are resigning because the information around the resignation of Archie Fraser was not adequate,” Mr Delaney said.
A spokesperson for the ASX told Biotech Daily that the ASX required companies to notify changes of director, chief executive officer and company secretary but not other staff. “Beyond that, companies have a general obligation to disclose to the market any potential material development which might include the movement of senior executives,” the ASX spokesperson said. “That would be for the company to assess.”
“In addition, the ASX will monitor for any unusual share price movements,” the ASX spokesperson said.
Last night, Optiscan said that a group of shareholders with a combined holding of 61,273,214 shares or 14.21 percent called for a second extraordinary general meeting to remove director Ian Mann and elect as directors Darren Lurie and Graeme Mutton. Optiscan chairman Alan Hoffman told Biotech Daily that the people and companies calling for the second meeting were unrelated to existing directors.
“The board is focussed on an outcome which seeks to avoid the company committing resources and time to the holding of a general meeting,” Mr Hoffman said.
Biotech Daily calculates from previous Appendix 3Y director interests’ statements that the directors, not including Ian Mann, held a further unrelated 17,625,000 shares or 4.09 percent, along with 3,750,000 options.
The signatories to the second meeting call were Semblance Pty Ltd which is related to Graeme Mutton; Harech Pty Ltd (Porter Superfund); Susy Munro; Stewart W Brash Pty Ltd and S W Brash Pty Ltd; Numeruno Superannuation Fund Pty Ltd which was related to Gregory Allen and Kaye Allen and Canadex Unit Account; Chris Graham and Diane Graham; Sash Pty Ltd which was related to Knezevic Super Fund and Wally Knezevic; Project Management Pty Ltd which was related to D & K Corps Family Superfund; and two companies believed to be Perth-based but with no names associated with them, Kebin Nominees Pty Ltd and Jongila Nominees Pty Ltd.
Optiscan closed at 10.0 cents on January 22, 2018, when Mr Fraser resigned, and today fell 0.3 cents or 4.2 percent to 6.9 cents.