Andy,
They have a new director and chairperson. They only need two Directors. In fact they can still continue trading with only one director for several months whilst searching for replacements.
However the term "non-executive" is recognized by ASX and under the company constitution and means a Director not employed in an executive role (usually a company management position).
However your point is valid .... how can either Darby be "non Executive" and still be running the company? CDB said in Glens "caught red handed" announcement that the Board will be running the company which means Darby(s) run the company and still call the shots. How are they non Executive but still management? That doesn't make sense so the most likely answer is that it's all BS and nothing has changed at CDB but a dirty little secret becoming public. Glenn must resign all roles at CDB for the company to be taken seriously.
It's also amazing to watch the other Darby disaster at GXN (and smile a little) as the once noisy "Peter Wall fan boys" became silent today as they watched their "sure thing" turn into a loss after 1.2 billion shares were issued at, effectively, 0.05.
Once a Darby company always a Darby company.. DYOR
CDB Price at posting:
0.1¢ Sentiment: Sell Disclosure: Held
