EML’s troubled Ireland board resigns en masse, without explanation
The board of EML’s troubled Irish subsidiary has quit, with no reason given.
EML's troubled Irish business has lost its entire board
EML told the ASX that the board of PFS Card Services had indicated their intention to resign.
The directors would remain in place to allow for a transition.
“EML’s ongoing strategic review is particularly focused on loss-making entities of which PCSIL is one,” EML said.
The company has endured a period of turmoil because of governance issues related to the Irish business, but the market got behind the company when it announced its strategy and earnings in August, which included a loss of $284 million.
Its underlying EBITDA of $37 million was 28 per cent lower than the previous year but this was better than its guidance range of $26 million to $34 million.
It also appointed former AMP executive James Georgeson as chief financial officer. Peter Lang was also appointed as chief corporate development officer.
The company did not respond to questions about the PCSIL board’s decision.
A further update on the company’s performance would be made at its November AGM.
