Unexpected changes at AnaeCo

23/06/2011 - 14:52

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Listed company AnaeCo has resolved to focus on the commercialisation of its waste treatment technology, following the resignation of its founder Tom Rudas.

Listed company AnaeCo has resolved to focus on the commercialisation of its waste treatment technology, following the resignation of its founder Tom Rudas.

The company announced today that its chairman Michael Dureau will temporarily fill the managing director role until a new chief executive commences in August.

Professor Dureau said the new CEO has been selected but cannot be named because of confidentiality and notice periods.

The company had previously announced that Mr Rudas would move to a new role as executive director technology, allowing the new chief executive to focus on commercialising its innovative technology.

However, today it said Mr Rudas has resigned as a director of the company, and will remain as an employee until September.

Professor Dureau told WA Business News there had been "strong but healthy discussions" at board level over the path to commercialisation of the DiCOM System, including the amount that should be spent on further R&D.

"This was a necessary, energetic discussion about the shift in focus from technology development being the driver of decisions, to commercial outcomes being the driver.

"Tom had successfully guided the Company through the R&D phase and through the early stages of technology commercialisation, however it became clear to all that a new philosophy was required to carry the baton from here.

"One of the major duties of the new CEO will be to re-set the business plan and strategy to focus on commercial outcomes and position the company for growth."

Profesor Dureau added that Mr Rudas also "prefers to be his own boss".

The internal debate over the business plan came to a head in May, when the company was trying to finalise a debt-for-equity scheme with two of its directors, Ian Campbell and Les Capelli.

The two directors were due to be issued with a total of 34.1 million shares at 11 cents per share, for the conversion to equity of loans totaling $3.75 million.

That deal was subject to the board agreeing to a business plan that was acceptable to the two directors.

The company announced on 13 May that agreement on the business plan had not been achieved.

It subsequently agreed to a revised debt-for-equity scheme, which will see the two directors take an even larger shareholding.

Under the new scheme, the shares will be issued at nine cents, to replace debts that increased to $4.18 million at the end of May.

AnaeCo's major project is a $35 million waste treatment facility being developed for the Western Metropolitan Regional Council.

AnaeCo and its engineering partner, Monadelphous Group, are currently building the facility at Shenton Park.

AnaeCo's shares are currently trading at seven cents.

 

 

 

 

 

 

 

 

 

 

 

 

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