At best, this is incompetence of the highest orderI think this...

At best, this is incompetence of the highest order

I think this is the case. I prefer this to the "board hid information because of the demerger" story. And it's what emerges from the announcement. It explains why the MD was fired, and the EC has also now resigned in shame. Everyone in the management team was too trusting of representations made along the chain of command and the operation became bogged without them even realising, until very late.