What is it worth?, page-92

''Actually @Singed fingers it is totally different to Destra. Destra fell over quite some time after Dom left. And fundamentally it was Prime Media who put it under. People may forget, but the entire Destra Board agreed the acquisitions - it wasn't just Domenic. And the shareholders supported the Board at the time. It was also the entire Destra board who approved the use of Opes Prime, which was really what brought Destra undone.''


http://www.smartcompany.com.au/fina...nd-slams-former-ceo-dominic-carosas-strategy/


''Gordon’s review of Destra’s poor performance lays the blame at the feet of the previous management, led by former chief executive Dominic Carosa who stepped down in April.

In a tersely-worded statement, the board says its review found Destra had made 13 acquisitions in three years as it tried to build a media and entertainment group spanning video, music, magazine, online community, media sales representation and brand-funded content production activities.

But it was too much, too fast.

“The rapid expansion in the range of business activities of the company had created a portfolio of businesses that were not well integrated and which in the main lacked critical mass in their chosen market segments.”

To make matters worse, the use of funding to make these deals had hamstrung the company, which is now struggling with high debt levels in a high-interest environment.

“The key recommendation of the review is to focus Destra’s future on a narrower range of businesses, properly integrated and which deliver synergies and the capacity for a significant share of their market.”