Boards are notoriously secretive about their goings on, but a few guesses.
This director was a founding member of the company. As such he'd have quite a few shares and would be able to swing votes accordingly. I'm assuming there is a link between both announcements.
It wouldn't be the first time there have been differences of opinion among directors, and I am making some serious assumptions here.
There seems to have been a difference of opinion in the board about the La Jolla initiative, and that director was so convinced this was the wrong move that he was prepared to exercise his votes and possible those of his allies, to bring down the implementation of the deal (being the vote on the share issue).
Now even if he is removed from the board, he and his allies still have the same voting rights. So it seems like a bit of a stalemate and might explain the lack of action lately re the SP and other progress.
It would seem AEB has a bit of a problem on its hands right now, and sacking a director will not totally solve it. Only guessing, and IMO.
However I am a big fan of the technology, and hope and expect this will all be sorted out in the near future. I have't taken a big position in AEB and will watch and wait for future developments.
A speed bump IMO.
AEB Price at posting:
25.0¢ Sentiment: Hold Disclosure: Held
