Ross Smith has quit as a director of medical cannabis company PhyoTech (PYL) - less than a fortnight after it listed on the ASX.
Smith's resignation follows last week's spectacular postings on Smith's Facebook page, in which he purportedly launched a verbal assault against a HotCopper poster who criticised PhytoTech.
The Facebook rant stated that Smith had already "tracked down" the author of the HotCopper post. It claimed the author was a part-owner of HotCopper.
"The great thing about living in Israel is that I have special forces body guards that love me," the post on Smith's Facebook page said. "We will be paying you a visit and my friends are very, very good at what they do."
As debate raged on HotCopper about Smith and PhytoTech on Friday, The West Australian newspaper reported that Smith had claimed his Facebook account had been hacked in what was a smear campaign against him.
HotCopper managing director Greg D'Arcy confirmed that the person behind the initial HotCopper post referred to in the post on Smith's Facebook page was not a part-owner of HotCopper.
D'Arcy also said that at no stage had Smith reported to HotCopper management that the Facebook post being quoted on HotCopper was written by hackers.
This morning, Smith's Facebook page contains a post in which he purportedly says he is going to launch legal action against HotCopper over the matter. It is unclear whether Smith claims this post was also the work of hackers.
The controversy over the postings on Smith's Facebook page means his resignation is sure to have been observed by the partners of law firm Steinepreis Paganin, where PhytoTech chairman Peter Wall is also a partner.
One of the outstanding questions from this whole untidy affair is whether Smith qualifies for the millions of PhytoTech performance rights, which can be converted into shares, he stood to reap based on the company's very short-term share price performance.
Smith stood to pocket his various rights if the five-day VWAP of the share price was above 40c and 60c.
Diary tried repeatedly to contact PhytoTech this morning to clarify this situation, but the company's phone was constantly engaged.
We trust the phones can still be used for outgoing calls and therefore Wall can advise Diary about how many rights will be issued under the arrangement.
Smith's resignation follows last week's spectacular postings on Smith's Facebook page, in which he purportedly launched a verbal assault against a HotCopper poster who criticised PhytoTech.
The Facebook rant stated that Smith had already "tracked down" the author of the HotCopper post. It claimed the author was a part-owner of HotCopper.
"The great thing about living in Israel is that I have special forces body guards that love me," the post on Smith's Facebook page said. "We will be paying you a visit and my friends are very, very good at what they do."
As debate raged on HotCopper about Smith and PhytoTech on Friday, The West Australian newspaper reported that Smith had claimed his Facebook account had been hacked in what was a smear campaign against him.
HotCopper managing director Greg D'Arcy confirmed that the person behind the initial HotCopper post referred to in the post on Smith's Facebook page was not a part-owner of HotCopper.
D'Arcy also said that at no stage had Smith reported to HotCopper management that the Facebook post being quoted on HotCopper was written by hackers.
This morning, Smith's Facebook page contains a post in which he purportedly says he is going to launch legal action against HotCopper over the matter. It is unclear whether Smith claims this post was also the work of hackers.
The controversy over the postings on Smith's Facebook page means his resignation is sure to have been observed by the partners of law firm Steinepreis Paganin, where PhytoTech chairman Peter Wall is also a partner.
One of the outstanding questions from this whole untidy affair is whether Smith qualifies for the millions of PhytoTech performance rights, which can be converted into shares, he stood to reap based on the company's very short-term share price performance.
Smith stood to pocket his various rights if the five-day VWAP of the share price was above 40c and 60c.
Diary tried repeatedly to contact PhytoTech this morning to clarify this situation, but the company's phone was constantly engaged.
We trust the phones can still be used for outgoing calls and therefore Wall can advise Diary about how many rights will be issued under the arrangement.