McAleese turmoil continues as another director resigns

A fresh director resignation means the McAleese board spill vote will now only call for two heads.

McAleese directors no longer hold any control, but essentially serve as advisers to the administrators. Picture: Ross Swanborough.

Turmoil within transport group McAleese continues to bubble to the surface, with another director resignation meaning a board spill vote will now only be calling for the heads of managing director Mark Rowsthorn and chairman Don Telford.

In a statement to the market, McAleese said non-executive director Warren Saxelby had resigned, following fellow directors Wayne Kent and Kerry Gleeson out the door since McGrath Nicol was appointed as administrator of the troubled group on August 29.

The company’s directors were in the gun after a general meeting of shareholders was requested on June 27 to vote on a proposed spill.

The poll was scheduled to go ahead on August 29, but McGrath Nicol aborted it after its appointment, to the dismay of the corporate regulator.

ASIC told McGrath Nicol the Corporations Act required a vote to proceed, with the administrator telling creditors last week a new vote was imminent.

At this stage a new date has not been announced.

The proposed spill was believed to have momentum ahead of the postponement.

It was called at the behest of key shareholder Havenfresh, which wanted only Gilberto Maggiolo of the then six-person strong board to remain, amid allegations a potential company-saving recapitalisation deal was no more than a grab for control by Mr Rows­thorn.

Mr Maggiolo is also a director of Havenfresh and toldThe Australian last month he was supportive of the recapitalisation plan until he “realised exactly what the deal entailed”.

He remains on the board, alongside Mr Rowsthorn and Mr Telford, as McGrath Nicol pursues a salvage operation.

At this point directors no longer hold any control, but essentially serve as advisers to the administrators as experts on the company’s operations.