I wouldn't be surprised if its the Board that are causing the refinancing to drag on.
The CFO can only present options from bidders for the Board to approve. If the Board are not able to agree on the best way forward, this can cause delays. I certainly would have expected the refinancing to have come to a head by now.
It is a lot of debt that needs to find a home and at a much higher cost of borrowing. This will need to involve multiple non-bank lenders who have a higher risk-appetite than the traditional banks. More parties involved means greater complexity, more due diligence, more time etc etc.
A Board spill is very interesting, but not entirely surprising given where things are at.
People resign from jobs for lots of different reasons. I found it interesting that he was moving to a private company, which said to me this was a personal decision more than anything else. I don't think it is helpful to speculate that someone has resigned because they weren't up to the job. This is an ASX-listed business - if he wasn't up to the job, he would have been found out and shown the door a long time ago (look at Mat Cooper's finance pedigree on LinkedIn).
AMA Price at posting:
4.6¢ Sentiment: Hold Disclosure: Held
