Ann: Resignation of Director - Christine Holman, page-7

I would be more concerned if it was a director that had been on the board longer, whos experience is more difficult to replace.

In this case its not a surprise that a director is leaving, we where told in advance someone would be replaced within 6 months, just not who. The surprise is we dont know why, so its left to speculation, and people are in the habit of assuming the worst.

Christine looks like she has experience is useful areas, but it also looks like it can be covered by existing directors and Bain. It seems plausible to me that the change in direction of the company with the NZ divestment and external management team caused the board to change their skillset requirements.

If something terrible was going on, the SP would have tanked 3 days before the announcement