Corporate changes usually mean changes to management and/or the board. Peter and Chris have already resigned. I think Bob would stick it through seeing as he is a founder and he probably is unhappy with the progress thus far. That leaves Tony and Andy possibly resigning, but I don?t think that in itself is significant.
Corporate change is a vague term and could also mean change in the company structure, direction or ownership. Possibly a combination of all.
There could also be a link to the financing that has forced a change of direction or structure. Maybe the lender wants to also take a large stake in the company. Chris may have found a better job or maybe he was frustrated with the pace of development. Or maybe management was told to cut costs? why do we need a president?
There are so many possibilities, but as usual it takes Andy a week to draft an announcement.
I hope that the major shareholders have said they have had enough and are forcing change.
ELK Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
