The board of Aspen Group Ltd (ASX:APZ) faces the threat of being sacked when their future will be put to a shareholder vote in two months, according to The Australian.
The paper reports that the vote could reinstate previous managing director Angelo Del Borrello, who was dismissed from this role in June 2010.
Yesterday the Perth-based property investor Aspen, responded to media speculation that Mr Del Borrello is working to seek board and management changes and reclaim his past role.
Aspen confirmed that its board believes that it is not in the best interests of Aspen's shareholders for Mr Del Borrello to hold the position of managing director.
The Australian says that the latest instalment in the ongoing boardroom drama comes amid concerns surrounding Aspen's lagging share price and its corporate direction.
In the year to 30 June 2010, Aspen Group reported a net profit of $12.55 million.
APZ Price at posting:
40.5¢ Sentiment: None Disclosure: Held
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