[AusNOG] Interesting moves afoot at Vocus

[Brad Peczka]

ASX Announcement: http://www.asx.com.au/asxpdf/20161012/pdf/43bxbk06sl71v4.pdf

Related article: http://www.smh.com.au//breaking-news-business/vocus-leadership-coup-rattles-investors-20161012-4lr6c.html

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"The bid to oust Mr Horth, less than a month after chief financial officer Rick Correll resigned, was instigated by non-executive director Tony Grist, whose confidential proposal to the board was supported by executive director James Spenceley.

The pair proposed that Mr Horth should step down in early 2017, and the board's leadership be formally reviewed over the course of the year.

But the rest of the Vocus board did not agree with their plan, and subsequently accepted Mr Grist's resignation and requested Mr Spenceley also quit."

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The share price has taken a pounding this morning; clearly the market doesn't agree that the right move has been made. Will be interesting to see where Vocus goes from here, given the leadership now appears to be all ex-M2?

Regards,
-Brad.