There's been some moving and shaking over at CBD Online, with a request for a trading halt today swiftly being followed by the resignations of four of its directors, and the possible closure of its subsidiary Halescom.
The company, which sets up websites for CBD office buildings for access by landlords, tenants and prospective tenants, earlier this month recorded a $2.2 million loss in its first half-yearly result.
Just three weeks after posting its result, four of the company's directors have jumped ship, including chairman and former 1993 prime ministership contender John Hewson. Non-executive directors James Neilsen and Robert Paterson have also stood down, as well as finance director and company secretary Richard Hasseldine. According to a statement to the ASX, Hasseldine left in order to pursue commitments as finance director of Davstoc Investments.
CBD Online founder Barry Moignard has subsequently been appointed chairman, while former Bullant VP of finance and administration Christopher Powell has been thrown into the role of CFO and company secretary.
As a double whammy, the company also requested a trading halt, citing an uncertain future for its recently acquired subsidiary, Halescom. CBD Online finalised its takeover of the Sydney-based IT outsourcing and tenant services company in late January, with an all-scrip deal valuing it at $23 million.
In another statement to the ASX, the company said that it expects to soon make an announcement "regarding the closure and liquidation of its subsidiary Halescom Limited".
CBD Online renegotiated its agreement with the founders of Halescom in February, announcing that the new acquisition would not meet revenue expectations due to an unexpected change int he market, as a number of prospective B2C customers had delayed their plans to enter the market.
IT'S BEEN A SHAKY START TO THE YEAR
January 24 2001
Tony Tregurtha appointed CEO and MD
Founder and former MD Barry Moignard appointed non-executive director and deputy chairman Davnet's Stephen Moignard resigns from the board as a consequence of a termination of a heads of agreement January 31 Gary Greenback appointed COO Andrew Saunders appointed CIOFebruary 1 Robert Lane joins as non-executive director February 13 Tony Tregurtha resigns as CDB Online and Halescom MD and CEO Gary Greenbank becomes acting CEOMarch 29 Dr John Hewson resigns as chairman and director James Neilson resigns as non-executive director Robert Paterson resigns as non-executive director Richard Hasseldine resigns as finance director and company secretary Barry Moignard appointed chairman Christopher Powell appointed CFO and company secretaryCourtesy of the Australian Industry Standard www.thestandard.com.au