Tuesday 16th September 2008
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The announcement was made in a letter to the NZX from Christchurch law firm Clark Boyce. Partner Hans van Schreven wasn't immediately available to answer questions.
Tiensch and Coates gave six months notice of their intention to resign, according to the statement. Tiensch resigned as chairman effective immediately.
The company has appointed Robert Hunter to its board and named him new chairman. In addition, the board is in discussions with some other senior executives about their future roles and expects to make a further statement within 10 days. The company gave no explanation.
The stock fell 1.8 cents to 3.9 cents on the NZAX market and has declined 20% this year, about matching the NZX 50 index.
The company posted a full-year loss of about NZ$7 million, an improvement from 2007, when the loss was NZ$11.9 million.
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