If a new independent non-exec director is unable to be appointed in the short run, then dropping another exec director will at least result in a 3:2 split between non-exec directors and exec directors, to conform with corporate governance best practice. Under the present circumstances the pool of acceptable non-exec directors, who are also willing to become involved with the company, may be somewhat small, necessitating the above solution. If the company is incapable of resolving this, then they should seriously be considering taking the company private.
BLA Price at posting:
$3.24 Sentiment: Buy Disclosure: Held
