Tough leaves Aurora Labs for CEFC

26/07/2017 - 14:16

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Samantha Tough has become the third director to step down this year from the board of 3D printing company Aurora Labs, which has experienced a wild ride since listing on the ASX last August, initially enjoying a spectacular share price rally before losing most of the gains.

Tough leaves Aurora Labs for CEFC
Samantha Tough was appointed to the CEFC board last week.

Samantha Tough has become the third director to step down this year from the board of 3D printing company Aurora Labs, which has experienced a wild ride since listing on the ASX last August, initially enjoying a spectacular share price rally before losing most of the gains.

The prominent local businesswoman joined Aurora as chair mid-last month, but in a statement today the company said she had resigned to focus on her new role as a director at Clean Energy Finance Corporation.

Ms Tough said the CEFC opportunity was unsolicited and she was unaware of her potential candidacy for the position when she joined Aurora’s board.

She was appointed to the CEFC board last Thursday.

“It was a privilege to be asked by the finance minister, Mathias Cormann, to join the CEFC board but it has required me to reduce my existing workload in order to accept the role,” Ms Tough said.

“Given the demands of a listed company chair role, and I’m yet to fully immerse myself in Aurora Labs having only recently joined the board, I have elected to step aside now.

“It makes sense for the company to appoint a new chairman who can delegate the time required and commit for the longer term.”

Her departure makes her the third board member to have left Aurora this year, with Hendrikus Herman stepping down as a non-executive director in May while former chairman Paul Kehoe resigned last month.

Aurora’s share price has also suffered this year; the company began trading on the ASX in August last year after completing an IPO priced at 20 cents a share, and were worth as much as $4.16 by February.

However, since raising $7 million from investors through a placement (priced at $2.50 a share) in the same month, Aurora’s stock has declined in value.

At the close of trade today, Aurora shares were 4.8 per cent lower to 88 cents each.

Ms Tough holds several other company board positions, including at Synergy, Saracen Mineral Holdings, the Western Australian Academy of Performing Arts, and Aerison.

At Aurora, her vacancy will be filled by managing director David Budge on an interim basis while the search process for a permanent replacement gets under way.

“I wish David Budge and the team all the best as they continue the process of commercialising their unique 3D printing technology,” Ms Tough said.

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