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| Sunday, May 17, 10:04:56am | [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, [3], 4, 5, 6, 7, 8, 9, 10 ] |
| Subject: Chairman replaced on ERG boardBy Colin KrugerMay 6 2003 | |
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Author: Approval is expected by May 14. In that case, the notes would be delisted on or around May 26, ERG said. |
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Date Posted: Monday, May 05, 09:01:55pm In reply to: Newspapers reporting result--March 7 2003 SMH 's message, "Noteholders have tickets to ride" on Thursday, March 06, 08:38:56am http://www.smh.com.au/articles/2003/05/05/1051987660956.html ----------------------------------------------------------- Chairman replaced on ERG boardBy Colin KrugerMay 6 2003 ----------------------------------------------------------- Shareholders who have been baying for blood over ERG's woeful performance have finally got what they asked for - in a way. ----------------------------------------------------------- Mercurial chief executive John Fogarty is still there, but the company announced yesterday that chairman Sandy Murdoch and two non-executive directors, Mick Bolto and Greg Crew, have "retired from the board". ----------------------------------------------------------- Tony Shepherd joins the ERG board, as previously announced, but will take on the role of chairman. ----------------------------------------------------------- Sydney businessman Duncan Saville, who will emerge after the restructure as the company's largest shareholder, has also been appointed as a non-executive director. ----------------------------------------------------------- Major changes to the board were foreshadowed at an extraordinary general meeting last week, when shareholders approved a restructure that will convert $250 million worth of convertible notes into shares. ----------------------------------------------------------- Mr Fogarty denied at the time that the move was being considered to appease shareholder anger at share prices which have plunged from above $4 to 10c at yesterday's close. ----------------------------------------------------------- "It is not going to be bloodbath - it is all being done very sensibly," he said. ----------------------------------------------------------- "Everyone is working together to achieve what is best for the company." ----------------------------------------------------------- Mr Shepherd, as the new chairman, acknowledged the contribution of the outgoing directors, who he said had seen the company through a difficult time. ----------------------------------------------------------- "We believe we have the right mix of skills on the board for the stage ERG has now reached," he said. ----------------------------------------------------------- In a separate statement, ERG said all conditions relating to the note conversion had been met apart from Foreign Investment Review Board approval of the acquisition of ERG shares by Mr Saville's Ingot Entities. ----------------------------------------------------------- Approval is expected by May 14. In that case, the notes would be delisted on or around May 26, ERG said. ----------------------------------------------------------- [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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| Sound Transit financially healthy, says audit reportsSOUND TRANSIT is financially healthy, according to audits conducted by the Washington State Auditor and Deloitte & Touche. | No name | Tuesday, May 06, 06:52:37am |