Compumedics director dumped with 91pc of the vote saying no
Health & Biotech
Health & Biotech
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A Compumedics director was voted off the board by 91 per cent of the votes at the AGM on Thursday.
Dr Alan Anderson has been a director of the medical devices company (ASX:CMP) for 18 years.
But CFO David Lawson told Stockhead the chief, David Burton, believed the board needed rejuvenation.
Institutional shareholders had expressed a need for board renewal and Tucson Dunn had been voted in, but Dr Anderson believed he had more to contribute and wanted to stand again.
Mr Burton, who owns 55.34 per cent of the company, and other shareholders, voted against his re-election.
Mr Lawson said there was no “recrimination or animosity” between the two men and it was “just a case of differing opinions”.
Compumedics shares plunged on Thursday after it told investors the deal had “stalled” due to issues concerning intellectual property and a conflict of interest with a third party who’d been “introduced to the JV discussions”.
In May the sleep-focused wearable tech maker’s stock surged 75 per cent after it announced a “significant and transformative” plan to partner with China-based Health 100 to sell a million of its Somfit sleep-tracking devices.
A spokesman for the company told Stockhead that the third party was a direct competitor to Compumedics.
Health 100 had always said another party would join the joint venture, but only revealed who it was to Compumedics this month.
Compumedics then had to consider whether allowing a large competitor access to the algorithms and tech behind the Somfit device was in their interests, and decided it wasn’t.