ScoPo’s Powerplays Shareholders vote for Impedimed board changes...

ScoPo’s Powerplays

Shareholders vote for Impedimed board changes
Brisbane-based medical software technology company ImpediMed (ASX:IPD) has seen shareholders vote in a new board following a board spill.

At the first meeting of the new board, former CFO of Nanosonics (ASX:NAN) McGregor Grant was appointed chairman. He will be joined by incoming non-executive directors Christine Emmanuel-Donnelly, Andrew Grant and Janelle Delaney together with managing director and CEO Rick Valencia and non-executive director Dr Michael Seiden.

The spill follows a notice from shareholders holding at least 5% of the votes in August that directors hold a general meeting of the company to remove four of the existing directors and replace them.

The discontent followed a capital raising and perceived risks to shareholder wealth leading to the spill.

“Five directors have now resigned and been replaced by four new directors,” Power says.

“The new chairman is McGregor Grant who was the former CFO of Nanosonics and we think he is very good and will be good for the business.

Power says IPD is now focused on getting insured population in the US access to reimbursement coverage for its bioimpedance spectroscopy (BIS) SOZO testing for lymphoedema.

The US National Comprehensive Cancer Network (NCCN) included BIS as part of its new guidelines announced in March this year.

“It’s really focused on getting the private payors on board, so it’s onwards and upwards for Impedimed,” Power says.