Any positivity depends upon how those companies progressed with him on the Board!
Do Sydney Capital Founders own a significant number of BRN shares? Is Steve the appointed voice of a number of significant Sophs from the last CR? Possible imo.
He has held a number of senior executive roles in public companies. Are the other companies he mentions public companies? It does not seem that he has had experience as a Director of major ASX companies. Hopefully has been appointed by SH group to get the Co. back on track whilst search for 1-2 senior experienced major ASX company Directors. I think this is the first step on the road to restore Board credibility and share holder confidence in the company.
Having LD as Chairman for a brief period till and during the AGM, to then be replaced when newly confirmed Board first meets after the AGM may not be a bad step. It allows LD to show his mettle and abilities over the next 2-3 weeks. And whether he is worth our support.
Hopefully the new Board and LD's first action will first action will be to withdraw all of the Resolutions apart from the Remuneration report, and Mick's resignation allows them to now do this whilst saving face. I would be happy to pay a small cash bonus to all when the SP stays at 0.25 for a week or so continuously, and an additional larger bonus at 0.30, and a larger one at $0.30. All to expire if targets not reached by 30 April 2019. And a longer term and larger cash bonus if the SP reaches $0.40 by 31 December 2019. Board and Exec can buy shares on the market, or else any purchase price for the option incentives are at a price of $0.25, $0.30, and $0.40.
Overall I see today's announcement as very positive news, and the start of a Board renewal process. Hopefully this will be the start to rebuild SH confidence in the company.
BRN Price at posting:
13.5¢ Sentiment: None Disclosure: Held
(20min delay)