Bulletproof’s new chair is the man who originally pitched a takeover
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The Bulletproof director who made initial moves to its now-hostile suitor has taken on the Web host’s chairmanship.
Craig Farrow will step into the role as the company deals with an 11c-per-share takeover offer from Macquarie Telecom (ASX:MAQ) .
Mr Farrow chairs at least five companies and is deputy chair of telco Vocus Group.
He is also chair of dried fruit producer Murray River Group (ASX:MRG), which is contending with two errant founders who voted against all of the resolutions at the AGM — including those the now-former CEO had put forward — knocking back all but one.
Mr Farrow is helped at Murray River by Kenneth Carr, who stepped into Bulletpoof’s audit role. Mr Carr was an urgent addition to the Murray River board last week after the irate founders voted off a board member.
Anthony Woodward, chief and co-founder of Bulletproof (ASX:BPF), sold his 16.11 per cent interest to Macquarie Telecom via a call option last week.
That decision surprised the Bulletproof board, chief financial officer Paula Kensington said at the time.
Macquarie Telecom chief and founder David Tudehope responded by saying Mr Farrow, then a director of Bulletproof, approached them about five months ago to take over the company.
He says the business is a good fit and they decided to act after a briefing from the board in early November convinced them that Bulletproof was becoming financially unstable.
“We went to Anthony and asked ‘what price do you think is fair value for your shares?’ We agreed on 11c,” he told Stockhead, adding this was the basis for the offer to other shareholders as well.
Until now the board of the cloud services provider had been led by geologist David Paterson, who was appointed chair after Bulletproof backdoor listed into his company, Spencer Resources, in 2014.
Stockhead is seeking comment from Bulletproof.