1414 Degrees has a new board after most of its directors walked out the door

The power struggle for control of renewables company 1414 Degrees has taken a twist, with all board members bar one resigning, to be replaced by new directors.

Dr Kevin Moriarty is the sole remaining board member of 1414 Degrees. Picture: Tricia Watkinson

Renewables company 1414 Degrees was on Thursday briefly left with just one director and will soon have no chief executive, with the majority of the board resigning en masse amid a battle for control of the company.

Dr Kevin Moriarty, who has tried to roll the board on three occasions over the past 18 months or so - including a push to vote three of the directors including chairman Tony Sacre off the board at a meeting to be held on November 11 - was for a brief period the sole director of the company.

On Thursday Mr Sacre, along with directors Peter Gan, Dana Larson and Alison Evans all resigned from the board.

The positions of Mr Gan and Mr Larson were also up for a shareholder vote at the annual meeting. Company secretary Tania Sargent has also resigned.

The company’s acting chief executive Jordan Parham resigned in early October, effective November 25, and previous to that, former chief executive Matthew Squire resigned in May for personal reasons after joining the company the previous July.

Ms Sheree Ford resigned as a non-executive director in September.

READ MORE:Third tilt for control of 1414 launched

Dr Moriarty led a push to oust Mr Sacre, Mr Gan and Mr Larson at a meeting held in July, with all three hanging on by margins of less than 1 per cent.

Dr Moriarty himself was elected to the board at that meeting with a vote in favour of 51.3 per cent, regaining the board seat he gave up in 2021 after a failed bid for board control.

Investors aligned with Dr Moriarty then used their voting power to call for another vote on the board’s structure at the upcoming annual meeting. However, the board resigned ahead of this vote.

They said in a statement to the ASX on Thursday that the company had been “hamstrung by ... activism in key areas, such as the appointment of executive leadership and other strategic matters, while stakeholders wait to see the outcome of the meetings’’.

“In the interests of mitigating further instability for the company, non-executive chairman Tony Sacre and non-executive directors Peter Gan, Dana Larson and Alison Evans have each

tendered their resignation as directors of the company, to take effect from close of business

November 3, 2022,’’ the statement to the ASX says.

“As a result of the resignations of Messrs Sacre, Gan and Larson and Ms Evans, Dr Kevin Moriarty will be the sole director of the company.’’

Mr Sacre said he continued to believe in the “tremendous potential’’ of 1414 Degrees’ technology, which aims to store renewable energy in silicon for later use.

The ASX release says the company legally needs to have three directors, but that attempts to orchestrate an orderly transition failed.

“Although the outgoing directors sought to engage with Dr Moriarty concerning a more orderly transition of board affairs to new directors nominated by Dr Moriarty, this was unable to be achieved,’’ the ASX statement says.

“As such, it is anticipated that further announcements will be made to the market when possible concerning the future composition of the board, the identity of the company secretary and the effect of these resignations on the resolutions to be put at the company’s annual general meeting to be held on Friday 11 November 2022.’’

1414 Degrees then issued a further statement on Thursday, saying Graham Dooley and Randolph Bowen had joined the board as non-executive directors.

Dr Moriarty told News Corp Australia that shareholders’ interests were now well-represented on the board.

“I’m looking forward to working with two directors who have a long history of driving growth and realising value from assets,’’ he said.

1414 is valued at just $14m, with its shares currently changing hands for 6.7c.

1414 listed in 2018 after raising $16.3m at 35c, after being scaled back from a $50m raise to a $30m raise, with a minimum subscription of just $12.5m.

Originally published as 1414 Degrees has a new board after most of its directors walked out the door