Weldon to leave GeoOp board at the end of the month

Monday 22nd August 2016

Former NZX and MediaWorks boss Mark Weldon will leave the board of minnow human resources software developer GeoOp at the end of the month, and will be replaced by an Australian director.

Weldon handed over the chairmanship of GeoOp as part of a merger with Australia's InterfaceIT in April, having led the board through a $10 million private offering ahead of its compliance listing on the NZAX. His resignation is effective from Aug. 31, the Auckland-based company said in a statement.

GeoOp now derives about 60 percent of its revenue from Australia and since the merger with InterfaceIT it's put more emphasis across the Tasman where its senior management team and two of its major shareholders are based. Part of that includes the pursuit of a listing on the Australian Securities Exchange, which it says is "pending clarification" of small-cap listing requirements. That will offer "deeper pools of capital and liquidity," it said.

"With a clear direction toward the ASX, Mark has determined that it is the right time to step down to allow a re-shaping of governance in line with the shift of the company," GeoOp said. "The company intends to recruit an additional independent director in Australia."

Weldon is still a significant shareholder in GeoOp and will participate in an upcoming capital raising, the company said.

The shares fell 3.6 percent to 27 cents, having slumped 30 percent so far this year, and are almost a quarter of the $1 listing price in 2013.

BusinessDesk.co.nz

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