Mar 3, 2008

Allco board purge: hands up who wants to be chairman?

The list of Allco basket cases is growing, writes Glenn Dyer.

The survival of the struggling Allco Finance Group and its fleet of investment trusts is looking more and more problematic. The stock has plunged another 21c to 66c in morning trade after executive chairman David Coe and fellow executive directors Gordon Fell and David Turnbull quit the board whilst vowing to remain actively involved in management.

Former Telstra chairman Bob Mansfield has only agreed to be acting chair and now the search is on for a cleanskin replacement. That won’t be easy.

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