The events of the last few days have left Greencap in a right...

The events of the last few days have left Greencap in a right mess where we now have a damaging rift between the Greencap management/board and its largest subsidiary Noel Arnold & Associates (NAA) which is responsible for over 50% of Greencap’s revenue.

Some background: “Certain Employees” of NAA (a Greencap subsidiary with 54% of Greencap revenue in FY09) have this week proposed a management buyout of NAA. This proposal has been rejected by the Greencap board.

Interestingly both Noel Arnold (ex NAA MD) and Andrew Meerman (current NAA MD) both resigned from the Greencap board a few months back.

A management spill now seems inevitable – either from NAA or the Greencap management and/or board.

Hopefully someone closer to the action can provide some more insight into the background that led to this week’s events.