Ann: MMA Offshore Enters Into Scheme Implementation Deed, page-55

The chairman has been instrumental in allowing this to go on for 6 months and then presenting it in this manner, so he should go, as would the CEO.
Remember, in October the bidders contacted the company according to the chairman and in late November, the CEO, who had relocated from Singapore to Perth the previous year relocated back to Singapore.
I spoke to the smug company secretary after that announcement as the move made little sense. He was clearly rather pleased with himself and entirely unhelpful, being unable to explain the about face.

His lack of an appropriate explanation seems much clearer now.