chairman is a minor issue: performance is key

What is key is how the company is performing and what the equity component is. These determine the value of the PPX and whether the company can afford to again pay the PXUPA.

Who is chairman borders on being a furphy. The chairman is non-executive and there is a full board beside him with opinions and votes. More important is who is MD and what the management views are and what recommendations the management put to the board.

Certainly changing the chairman stirs things up a little and shows some chest-beating by major shareholders like Orbis. However, other than as a warning to the full board, it only adds hope of change not certainty.