It’s new year, new me for Veriluma following administration shock
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Predictive analytics company Veriluma, currently under administration, has said it will get on with the job of getting back on its feet after a change in its administrators and resignation of two key board members.
The company (ASX:VRI) was put into voluntary administration under the stewardship of Jamieson Louttit last month, but has since been marred with shareholder frustration and unrest.
Its AGM on November 28 was reportedly cut short after just two minutes as Stockhead reporters were refused entry to the meeting on arrival.
In the weeks since, the administrator Mr Louttit had put the company’s business and assets, including the listed shell, up for sale only to retire from the position last Friday, after a brief spell in court.
New adminstrators from Jirsch Sutherland were appointed in his place and yesterday announced the resignation of directors Richard Anstey and Laurence Hammond.
In a statement to market they told shareholders they did not accept that the resignations were valid, noting the following:
“We do not waive any of our rights as against the directors/officers of the company. We do not accept that the purported resignations are valid and we do not accept that any liability of them as directors and/or officers of the company and Veriluma Software has been affected in any way by the purported resignations.”
Chief executive Elizabeth Whitelock told Stockhead she was confident the company would be reinstated to trade and get itself out of administration.
“We will work with the new administrators to put up a deed of company arrangement backed by the shareholders,” she said.
“Not only do we have support from our existing shareholder base, but we have other interested parties who could become investors in the company and people who want to work with us and do projects with the company.”
The new administrators have put forward a new deadline for formal offers and recapitalisation proposals by January 12.
Shares in the company have not traded since September, when it was quoted at 1.5c.