TMS 7.41% 2.5¢ tennant minerals limited


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    It appears that the re-organisation of TMS is progressing, with further resignations from the Board of TMS in recent weeks.

    Following the early October departure of Dr Frank Burke, TMS announced the resignation and impending departure of Bruce Fink as CEO.

    At the time of making this announcement, TMS advised that Fink would continue to represent TMS in several linked Board positions, including the DubSat investment, OmniLab and in the 10% affiliate, Becker Entertainment.

    BKR, however, announced on 15/11 that Fink had resigned from the Board with immediate effect.

    Earlier this week, Morris Symonds also announced his resignation from the Board.

    As a result of this, the TMS Board is now left with the following members:
    A.G. Hartnell (Chairman)
    T.R.S. Savage
    B.W. Daley; and
    P.D. Myers.

    Myers represents Network TEN, whilst Daley represents NINE /PBL.

    Savage is the executive Chairman of Val Morgan, so his resignation from the Board is likely shortly.

    This will then leave the Board comprised of:
    Hartnell (non-exec, independent);
    Myers (non-exec, major shareholder representative); and
    Daley (non-exec, major shareholder representative).

    When Dr Burke left the Board, he held ~96,000 shares.

    In leaving the Board, Fink has (or is likely to still have) 10.8m shares.

    In his final interest notice, Symonds was shown as having 3.94m shares.

    Between them, the continuing Directors have 75,000 shares, and savage has 250,000 shares.
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