Quite possibly the requirement to restructure the board may have become evident after potential investors due diligence!! The ever increasing ownership percentage (from rushed last minute CR's) afforded our management / board members may be a red flag for some. We don't know if Lesa Musatto left on her own accord or was pushed and whether her leaving was in line with the review ("commensurate with the strategy") or because of her "other commitments". Typical double speak, but possibly some dissatisfaction on both sides as to how things are progressing. The description of the required US director would suggest a like for like replacement to try and get some momentum. The Aus director will no doubt be required to fix Governance issues which imo has been an issue for some time. Getting 2 new independent (experienced) Directors will be very important and tightening up Governance is long overdue, let's see what they come up.
CDX Price at posting:
13.5¢ Sentiment: None Disclosure: Held
