Murray River’s new director has takeovers on the go at two other companies
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Murray River Group’s new director is no stranger to boardroom strife: two of the companies where he’s a director are subject to hostile takeovers.
Dr Kenneth Carr has joined the organic farmer’s board to replace Donald Brumley, who was voted out by the recently departed founders, Erling Sorenson and Jamie Nemtsas.
Mr Sorenson left the company in November and Mr Nemtsas in October — though they still own about 18 per cent of the business which they wielded with devastating effect on Wednesday, killing of three resolutions and a remuneration report at the AGM vote.
Murray River (ASX:MRG) had to hastily find a new director yesterday.
Dr Carr is the chairman of Automotive Solutions Group (ASX:4WD), which is fighting off a hostile 35c a share off-market takeover bid from AMA Group.
As of today, AMA (ASX:AMA) says its shareholding in Automotive has crept up to 60.1 per cent, from 31.3 per cent in October.
Dr Carr is also on the board of Bulletproof Group, whose chief executive sold his entire stake to Macquarie Telecom (ASX:MAQ) this week which enabled a takeover bid.
Bulletproof CFO Paula Kenneth said they didn’t know Anthony Woodward had sold his 16.11 per cent interest in the business.
But Macquarie Telecom chief and founder David Tudehope said it shouldn’t have been a surprise — they’d been approached five months ago to takeover the business Bulletproof board member Craig Farrow — who also happens to be Murray River’s chairman.
Dr Carr is also chairman of Field Solutions Holdings Limited (ASX:FSG) which was backdoor listed into in May by BMS Network Solutions after being suspend from trading in October last year, and is on the board of Wakenby Limited (ASX:WAK).
Dr Carr has been contacted for comment.
Murray River shares today were flat at 44.5c.