Whilst this has come out of the blue, the new chairman (David Hersham) is not new to Nova. The initial director's interest announcement that accompanied the announcement "Resignation and Appointment of Chairman" shows that he has the following holdings within Hersham Holdings Pty Ltd:
- NVA: 10,968,750 share
- NVAO: 3,943,375 options
As such he is a T20 holder. Looking back through T20 lists indicates that he has been on the T20 for quite a while and, furthermore, his holding overtime has grown.
I read this as saying:
- he is not here just because it is a job;
- his interests are completely aligned with shareholder interests;
- he would be familiar with Nova's activities and ambitions (not just brushing up for an interview), so he can take on this new role for the company relatively seamlessly; and
- he was probably well known to Nova management for quite some time (>2 years from what I deduce).
Despite my initial surprise regarding the announcement, personally I'm now satisfied that this is not a negative situation.
All the best.
Grasti
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