30/11/2015 - 15:14

Calibre to rejig board on delisting

30/11/2015 - 15:14

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The chairman of engineering contractor Calibre Group told shareholders that he would step down after the company completed its delisting from the ASX, despite being up for re-election at a general meeting today.

Calibre to rejig board on delisting
Outgoing Calibre chairman Ray Horsburgh.

The chairman of engineering contractor Calibre Group told shareholders that he would step down after the company completed its delisting from the ASX, despite being up for re-election at a general meeting today.

At Calibre’s AGM, Ray Horsburgh told shareholders that he intended to step down as both a chairman and director, while non-executive directors Peter Housden and Paul Dougas have also said they would step down once the delisting has been achieved.

Mr Housden was also up for re-election today.

“I acknowledge that it may seem unusual to be standing for re-election only to stand down after a short time,” Mr Horsburgh said.

“In my opinion, it is the right thing to do. We are letting you (the shareholders) know with plenty of time what will happen, and this is good succession planning.

“It will ensure that the directors who have made the decisions and recommended the delisting and the  buyback remain in place and see those propositions through to a successful conclusion.”

Calibre announced a radical restructuring late last month that included a partial buyout of minority shareholders, delisting from the ASX, and the purchase of Sydney-based company Diona for $45 million.

Meanwhile, Mr Horsburgh will be succeeded by current non-executive director Geoff Tomlinson.

“Having worked closely with Geoff, particularly most recently, I can say that he is exceptionally well positioned to assume this role,” Mr Horsburgh said.

“The company’s board composition in 2016 will support, as well as reflect, the business – leaner, alert to opportunities, with the right mix of industry insight and commercial expertise.”

Calibre shares were unchanged at 12 cents each at the close.

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