Chapman survives leadership spill at 1-Page

15/05/2017 - 15:18

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Perth-based director Andrew Chapman has survived a leadership reshuffle at tech company 1-Page after shareholders voted to keep him on the board but remove co-founder Joanna Riley as a director.

The surviving board is reportedly now planning to shut the company down and sell off its assets, and seek interest for a backdoor listing.

Perth-based director Andrew Chapman has survived a leadership reshuffle at tech company 1-Page after shareholders voted to keep him on the board but remove co-founder Joanna Riley as a director.

Shareholders also voted in favour of keeping executive chairman John Fennelly, based in the US, Sydney-based director Tod McGrouther and Hong Kong-based director Michael Shen on the board at a meeting today.

Mr Chapman, whose Nedlands-based Merchant Funds Management is a major shareholder, gave notice to Ms Riley in March that it would seek to remove her from the board at the general meeting, with the surviving board to take control of the business and its $30 million of cash.

The surviving board is reportedly now planning to shut the company down and sell off its assets, and seek interest for a backdoor listing.

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