The directors – Dr Duarte da Silva, Dr Craig Lyons and Professor Brian Armstrong – all tendered their immediate resignations and have been replaced by Veran Kathan in the role of independent non-executive
Chief executive James Herbst told TechCentral that the disagreement involved, on the one hand, a body of shareholders holding more than 50% of the voting rights of the company – Herbst and certain non-executive directors, including the chairman of the audit committee, Dennis Gammie – and, on the other hand, the three non-executive directors who resigned.
“We had a board meeting … which lasted just short of three hours, where lots of views were shared in a cordial and constructive manner. At no time did we have any idea that all three gentlemen would, right at the very end of the meeting, collectively tender their resignations.That statement falls a bit flat given how quickly the replacements were effected, although the CVs of the replacement directors do speak to a wealth of experience.
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