Shareholders reject bid to dump the board of listed Gold Coast company BPS Technology

UPDATE: Rogue shareholders wanted to dump the directors and CEO of Gold Coast e-commerce company BPS Technology. Here’s what happened at the meeting.

Gold Coast’s BPS Technology is in a trading halt.

A BID to oust the board of listed Gold Coast e-commerce company BPS Technology has failed.

Fund managers Alceon and LHC Capital, who together own 8.8 per cent of the company, called a members’ meeting to discuss a resolutions to remove CEO Trevor Dietz and current chairman Murray d’Almeida from the Board, along with all other current directors.

Pre-empting the move, Mr Dietz announced last month he would step down at the end of the year.

BPS Chairman Murray d'Almeida, CEO Trevor Dietz and CFO Tony Wiese. Picture Mike Batterham

The resolutions called for the election of four new directors, including former Westpac CEO Peter Clare and former Paypal managing director Andrew Pipolo.

Voting shareholders rejected all nine resolutions.

In several statements to the ASX, Mr d’Almeida said the behaviour of the shareholders could destabilise the company.

“Their approach has been aggressive and far from ‘friendly’,” he said.

“It has been framed in the context of demands that we do exactly what they want and been accompanied by threats if we do not.

“It has included selective briefing of a number of our larger shareholders, disseminating statements which are untrue or deliberately misrepresent certain events in order to create the impression of poor corporate governance.”

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