Amazing what garbage people read into announcements!
Language is important including what is not said ... this announcement just looks like a couple of paragraphs pulled out of a hastily put together brief to a head hunter after a director resigns with immediate effect. They are "seeking" and don't say they have "identified" directors, and this seems to rule out a nominee so less likely they are currently engaging with a strategic investor.
Real reason for Lesa's departure no doubt interesting and avoiding personal liability from trading whilst insolvent may be one of them. Seems like a quick exit with no notice at a time they need some independence on the Board if new equity is being negotiated.
With Lesa gone, the Board and Executive are now effectively the same ... conflicted with minorities and looking to raise capital. So who now represents minority shareholders?
CDX Price at posting:
13.5¢ Sentiment: None Disclosure: Not Held
