The MD has resigned but he is 'still hanging about' to help out according to the resignation statement.
This should be the precursor to an active sale process CIM must want to be shot of this investment and use what ever funds from the sale of DVN to reduce debt at CIM - lets hope they can negotiate a decent price, it would seem that DVN is still overcrowded with highly paid management. A negative to the sale process; any buyer will not want to buy DVN with the current 'bloated' level of management.
The sale will not be resolved quickly although there should be buyer about for this business
DVN Price at posting:
61.5¢ Sentiment: Hold Disclosure: Held
