@SteveSage yes I agree with you on the Basham comments you make. It is puzzling, as he is the one who drove the excellent circa $9.5m turnaround of Ava, and also saw the "maiden" profit at 1H20 - some 5 years after the company listed. He also lead the company's growth through COVID-19, during which the benefit of being Ava being diversified shone through, with Service's great results coming to the fore, and with more IMOD revenue being recognised, and the company posting it's first FY profit ever!
It'll be interesting to read the Annual Report to see if there are any more insights to be gleaned about why he left. I personally reckon its that he has been had hunted to go somewhere else to fix another "ugly duckling". He certainly turned Ava around and made it the "swan" we all know it really is.
Or maybe he wanted more money for his FY2021 package than the board was prepared to pay him? It would be funny if it was the reason, given that Fergus was on circa $650k only a year ago, Horton the GM Sales (who Basham also replaced) was on circa $340k, and Broomfield was on circa $350k - all at a time when the company was not profitable and was burning through cash like drunken sailors! Remember the CR they had to do basically 10 minutes after he got there! (see
https://www.theavagroup.com/wp-content/uploads/2019/09/AvaGroup-AnnualReport2019.pdf p32).
Anyway, to finish up the bird metaphors, I just hope that Broomfield, who lead the company to IPO in 2015 and then burned through all of the $25m IPO funds raised, and then (with Fergus) subsequently accumulated the $30m in losses we have on the books until Basham took over, doesn't kill the "goose that laid the golden egg" now that he is back in charge! (see
https://arichlife.com.au/ava-risk-group-asx-ava-may-offer-asymmetric-opportunity/).
DYOR
