No sweet highs at eSense as boardroom stoush gets serious
Trouble is afoot at cannabis-based food maker eSense-Lab, which has postponed its AGM for the third time and abruptly changed chairmen.
Director Ilan Saad is taking over immediately as chairman from Australia-based director Brendan de Kauwe.
Mr de Kauwe remains a director.
The move follows a spill movement in January by three Israeli shareholders to kick out Mr Saad, chief Haim Cohen and Eran Gilboa.
The Israeli shareholders want to replace the three with Mr de Kauwe (if he is not re-elected at the AGM), Andreas Gedeon and Faldi Ismail.
Mr de Kauwe, Mr Gilboa and Mr Ismail all work for Perth-based advisory Otsana Capital.
Mr de Kauwe has been contacted for comment.
The board has decided to merge the special meeting to vote on the board and the AGM into one meting on March 29.
eSense-Lab (ASX:ESE) is also dealing with questions from the ASX about performance rights promised in the IPO prospectus that were converted to stock in January.
The hurdle was signing binding contracts worth at least $1 million within a year of listing.
The ASX questioned which contracts this was based on and asked for evidence they were binding.
eSense says the deals were with IC Access in September to buy at least $1.1 million of its cannabis-like fragrant oils over three years, and another in October with a company called Advanced Technology Management to buy at least $540,000 of the oils in the first year of the deal.
The company listed in February 2017.
Despite the $1.6 million worth of binding contracts signed last year, it’s still not making much money.
According to its most recent quarterly report, eSense only made $29,000 in receipts in the three months to December 31.