1414 Degrees next board showdown set for November
1414 Degrees’ former executive chairman, now non-executive director Kevin Moriarty. Picture: Tricia Watkinson
- 2 COMMENTS
FIVE YEARS AGO ENERGY STORAGE COMPANY 1414 DEGREES WAS INVITING COMPARISONS OF ITS TECHNOLOGY AGAINST NO LESS THAN SNOWY HYDRO AND TESLA, WHILE TALKING UP ITS IMMINENT $50M INITIAL PUBLIC OFFER.
BUT SO FAR, THINGS HAVEN’T GONE AS PLANNED. THIS NOVEMBER SHAREHOLDERS WILL VOTE ON A THIRD BID IN UNDER 18 MONTHS TO TEAR THE BOARD ASUNDER, WITH FORMER EXECUTIVE CHAIRMAN DR KEVIN MORIARTY - WHO WRANGLED HIS WAY BACK ON TO THE BOARD IN A SHAREHOLDER VOTE HELD JUST TWO MONTHS AGO - LOCKED IN A VITRIOLIC BATTLE FOR CONTROL OF THE COMPANY WITH OTHER BOARD MEMBERS.
ONE NON-EXECUTIVE DIRECTOR, SHEREE FORD - WHOSE POSITION ON THE BOARD WAS NOT UP FOR A VOTE AT THE COMING MEETING - RESIGNED JUST THIS WEEK, CONCURRENT WITH THE NOTICE OF MEETING BEING RELEASED, AFTER ONLY JOINING THE BOARD IN MAY.
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SHORT BOARD STINTS HAVE NOT BEEN A RARITY IN THE COMPANY’S ALSO SHORT LIFE.
MARKETING EXECUTIVE PENELOPE BETTISON AND FORMER ENVESTRA MANAGING DIRECTOR IAN LITTLE BOTH JOINED THE BOARD IN SEPTEMBER 2019 AND RESIGNED THE FOLLOWING JULY.
NON EXECUTIVE DIRECTOR AND COMPANY SECRETARY RICHARD WILLSON JOINED THE COMPANY IN JULY 2020 AND RESIGNED IN MAY 2021, WITH NO EXPLANATION FOR HIS RESIGNATION GIVEN TO THE ASX.
AND OVER THE COURSE OF THE COMPANY’S LISTED LIFE - IT HIT THE BOURSE ON SEPTEMBER 12, 2018 - IT’S BEEN THROUGH FOUR LEADERS (INCLUDING ACTING) AND HAS FAILED TO ACHIEVE ANY OF THE GOALS SET OUT IN ITS PROSPECTUS.
