Monday 10th April 2017
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Arowana Education Group investment director Nico Marx will leave the board of ailing New Zealand private training organisation Intueri Education this month to take up a new job in Singapore.
ASX-listed Arowana is the biggest shareholder of Intueri with about 25 percent, and Marx has been on the NZX-listed company's board since May 2015. He plans to resign before April 28 after accepting a new role in Singapore, and Intueri said it's looking for an appropriate replacement.
"The board acknowledges Nico’s contribution to the Intueri board and its committees," chairman Chris Kelly said. "The board is focussed on maintaining governance experience appropriate to Intueri’s current needs and will announce the new board appointment shortly."
Intueri is liquidating its Australian assets after failing to find a buyer and is still figuring out what to do with its New Zealand schools. It hired High St Capital Partners for advice on options for the New Zealand operations including the sale of assets.
The shares recently traded at 1.3 cents compared with a 2014 initial public offering price of $2.35. It currently has a standstill agreement from ANZ Bank New Zealand on about $70 million of debt after advising the bank in February that it was in breach of lending covenants as at Dec. 31.
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