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Optiscan says its business as usual despite two separate bids from rebel shareholders to overthrow the board

The company responded to the recent shareholder unrest for the first time on Tuesday night – telling shareholders it was “focused on ensuring the day-to-day running of the business continues”.

“Attempts continue at negotiating an outcome to avoid the company holding a General Meeting of shareholders,” it said.

The shares (ASX:OIL) dipped to almost reach 52-week lows in trade yesterday — down to 6.9c — and were trading at 7c on Wednesday morning.

Its board woes are just the beginning – the company is also putting out fires in its management team with Chief Technology Officer Peter Delaney’s impending resignation.

“The company is in discussion with two staff members who have recently confirmed their resignation having previously linked their tenure to the outcomes of the General Meeting,” Optiscan said.

“One of those staff members is Chief Technology Officer, Peter Delaney. Peter Delaney will remain working at Optiscan until mid-June 2018.

Optiscan (OIL) share price movements over the past three months.
Optiscan (OIL) share price movements over the past three months.

Mr Delaney is a co-signatory to the initial requisition notice which calls for the removal of the board and appointment of recently departed chief Archie Fraser.

A second was received on Monday – seeking to remove just director Ian Mann.

“Additionally, three contractors have indicated that they are withdrawing their services with two of those indicating a dependence on the outcomes of the General Meeting,” Optiscan said.

Optiscan said had “sufficient skilled management resources to continue the operations of the business and has succession and recruitment plans in place to ensure it continues to be the case”.