Category: Stock Market

The Pan Asia Metals Ltd (ASX: PAM) share price has jumped another 53% on yesterday’s gains following the release of its half-year results.

This puts the gain on Pan Asia Metals shares at 223% over the last week alone.

What happened for Pan Asia in its half year results?

There was nothing to write home about for Pan Asia in terms of earnings, as the loss after tax increased to $US667,168 from $631,600 over the year.

The company’s net assets also decreased to $6.8 million, which is an $8.1 million year on year decline from FY20.

However, investors are likely buying Pan Asia shares on the back of its exploration activities in southern Thailand.

Pan Asia started the period by drilling at the Khao Soon Tungsten project and then “shifted focus” to the Reung Kiet Lithium project.

According to the company, both projects “are significant assets”. For example, the Khao Soon site is a “historical tungsten producer” that has “potentially world-class” tungsten mineralisation, as per the company’s report.

The Reung Kiet site “contains a collection of small to medium scale historical alluvial and eluvial tin mines”.

What else is driving the Pan Asia share price?

In addition to its half-year results, Pan Asia shares also soared 130% on Tuesday after the company announced it had lodged a number of geothermal lithium and hard rock lithium and tin exploration block applications.

The applications were all lodged in southern Thailand, at a site known as the “Kata Thong Lithium Project”.

The Pan Asia Metals share price was actually 25% down on the year just before the announcement, trading around 15-20 cents apiece. At the time of writing, the company’s shares are changing hands for 50.5 cents each.

The post Pan Asia Metals (ASX:PAM) share price soars another 53% following results update appeared first on The Motley Fool Australia.

More reading

• Pan Asia Metals share price soars 130% on lithium project update

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The AWN Holdings Ltd (ASX: AWN) share price is starting the month in style on Wednesday.

At the time of writing, the investment company’s shares are up 29% to 80 cents.

Why is the AWN share price rocketing higher?

This morning AWN released a market update which included its unaudited results for FY 2021 and plans for the future.

According to the release, the company’s revenue fell 5% to $110.5 million in FY 2021. This was due to COVID-19 lockdowns impacting its Aevitas business unit.

Despite this, the company was able to record a statutory profit after tax of $50.1 million for the year. This compares to a loss of $13.1 million a year earlier. Management advised that this reflects a non-recurring gain on the deconsolidation of the VivoPower business and an improved performance from EdventureCo.

What else was announced?

This morning AWN revealed that it has formally applied to the Australian share market for the removal of its listing. This is pursuant to ASX Listing Rule 17.11 and subject to receipt of shareholder approval.

The release also explains that to provide shareholders with liquidity to dispose of their shares prior to a potential delisting, the Directors intend to activate AWN’s on-market share buy-back scheme.

The buy-back will be conducted within the ‘10/12’ limit, such that 10% of total fully paid ordinary shares on issue can be bought back within a 12 month period without the requirement for shareholder approval.

In addition to this, in order to provide additional liquidity, the Directors revealed that they may also consider establishing a share sale facility to augment the on-market buy-back. Though, the implementation of any share sale facility would be conditional upon ASIC approval.

Why delist?

The Directors have unanimously determined the proposed delisting is in the best interests of all shareholders. One of the reasons for this is that AWN has consistently traded at a material discount to its net asset backing.

As a result, it believes that if AWN’s shares were unlisted, existing investors seeking to exit will ultimately have a greater prospect of realising value closer to net assets.

The post Why the AWN (ASX:AWN) share price is rocketing 29% higher today appeared first on The Motley Fool Australia.

More reading

• Why the Rio Tinto (ASX:RIO) share price is down 17% in a month
• Will the ResMed (ASX:RMD) share price continue its massive bull run?
• BHP (ASX:BHP) share price struggles as nickel battle heats up
• Kuniko (ASX:KNI) share price soars 15% amid new CEO’s unveiling
• ASX 200 midday update: Metcash update, Wesfarmers goes ex-div

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Kuniko Ltd (ASX: KNI) share price is soaring today amid news the company has appointed a new leader.

The company announced Antony Beckmand, a seasoned mining executive, has been instated as its new CEO this morning.

Right now, the Kuniko share price is $3.13, 15.07% higher than its previous close.

Let’s take a closer look at the mineral exploration company’s new leader.

New CEO

The Kuniko share price is soaring today amid exciting news of the company’s new CEO.

Beckmand has more than 20 years of experience in the mining industry.

Prior to being CEO of Kuniko, a position he officially started today, Beckmand was CEO of Norway’s Sydvaranger iron project. He is also currently an independent director of Nordic Mining ASA and was previously managing director and CEO of formerly-ASX-listed Northern Iron.

Beckmand is based in Norway, as are Kuniko’s battery metals projects.

Commentary from management

Kuniko chair Gavin Rezos commented on the company’s newest appointment:

(Beckmand) is an outstanding mining executive who is enthusiastic about our exceptional portfolio of projects in Norway and fully embraces our next generation ethos of responsible, sustainable mining practices to produce ethically sourced and secure supply battery minerals for an electro-mobile society.

Antony is based in Norway and with non-executive director Birgit Liodden in Oslo, we are well placed to advance our projects in Norway whilst working closely with all stakeholders including government and local communities from an early stage of development.

Kuniko share price snapshot

Today’s gains included, the Kuniko share price has gained a whopping 265% since its initial public offering (IPO) just last week.

As we reported last Tuesday, the company’s shares boosted 500% on the opening of its ASX debut. Under the company’s prospectus, its shares were on offer for just 20 cents apiece.

Investors who got in on the prospectus have seen their investment increase by a massive 1,455%.

At its current share price, the company has a market capitalisation of around $165 million.

The post Kuniko (ASX:KNI) share price soars 15% amid new CEO’s unveiling appeared first on The Motley Fool Australia.

More reading

• What’s going on with the Kuniko (ASX:KNI) share price?
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• Kuniko (ASX:KNI) share price jumps 500% on ASX debut

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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With a new month now upon us, it’s a good time to cast our collective eyes back at the month that was. August turned out to be a pretty good time for ASX shares.

Taking in the avalanche of earnings reports we saw over the month, it’s a testament to the strength of these reports that the S&P/ASX 200 Index (ASX: XJO) managed a gain of 2.1% for the month. However, one major ASX 200 constituent wasn’t joining the August party. That would be the Rio Tinto Limited (ASX: RIO) share price.

Last month, Rio Tinto shares had one of their worst months since the 2020 market crash. This giant iron ore miner started August at a share price of $133.42, but finished up yesterday at the far lower price of $112.14 a share. For the record, the Rio Tinto share price has given up another 2.6% so far today, and is going for $109.15 at the time of writing.

This steep share price fall translates into a month-to-month loss of 15.95%. What’s more, Rio also hit its current all-time high early in August – $137.33. By the end of the month, Rio had fallen more than 18% from that high watermark.

So why did Rio Tinto have such a month to forget?

Rio impresses with earnings

Well, it’s worth noting that Rio reported its FY21 half-year results just before August began, back on 28 July. As we reported at the time, the mining giant revealed a 71% surge in revenues to US$33.08 billion and a 156% increase in underlying earnings to US$12.2 billion.

This enabled Rio to announce a 143% increase for its interim dividend to US$3.76 per share, fully franked, as well as a special dividend of US$1.85 per share.

Now investors seemed to be initially bullish on these numbers. The Rio share price spent the following week hitting its new all-time high after all. However, it also goes without saying that this sentiment had well and truly worn off by the end of the month.

So what happened to Rio?

What went wrong with the Rio Tinto share price over August?

Well, that monster dividend that was announced had to come out of the Rio share price at some point. And that happened on 12 August when Rio shares went ex-dividend. As a result, we saw a big drop in the Rio share price (roughly 7%) when this occurred.

But that doesn’t explain away Rio’s near-16% drop for August. The other major factor that might have been at play over the month was commodity pricing. Specifically that of iron ore, Rio’s largest earnings base.

Iron ore had an absolute shocker over August. According to Markets Insider, iron ore was asking around US$211 a tonne at the start of August. By the end of the month, this had fallen steeply to approximately US$151 a tonne. That’s a loss of almost 30%. Since iron ore is Rio’s primary cash cow, this dramatic fall in pricing has evidently resulted in the market revaluing Rio shares accordingly.

At the current Rio Tinto share price, this ASX 200 miner has a market capitalisation of $40.7 billion and a dividend yield of 8.23%.

The post Why the Rio Tinto (ASX:RIO) share price is down 17% in a month appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Metcash update, Wesfarmers goes ex-div
• How did the ASX 200 shares perform compared to the FTSE 100 shares in August?
• These were the best performing ASX 200 shares in August
• These were the worst performing ASX 200 shares in August
• Warning: This is when the share market will turn

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The ResMed Inc (ASX: RMD) share price has had a stellar run this year and is currently nudging record highs.

Since the start of the year, shares in the medical device have soared more than 45%.

In comparison, the broader S&P/ASX200 Index (ASX: XJO) has only managed to gain 13% in 2021.

In the last month, shares in ResMed have continued their massive bull run.

Let’s take a look at why investors have continued to push the ResMed share price higher in the past month.

What’s been driving the ResMed share price higher?

There have been several catalysts that have helped propel the ResMed share price higher in the last 30 days.

The first catalyst can be traced back to early last month when the medical device company released its full-year results for FY21.

ResMed reported an 8% increase in full year to US$3.2 billion and a 13% jump in non-GAAP net income to US$780.6 million.

The company also upped its quarterly dividend by 8% to US42 cents per share.

However, ResMed did flag that profit margins could be under pressure in the future.

The second catalyst that shot the ResMed share price to record highs was the launch of a new key product.

Last month, the medtech giant launched its next-generation positive airway pressure (PAP) device, AirSense 11, in the United States.

ResMed noted that the product’s remote software updates and new tailored features could make it the gold standard for treating sleep apnoea.

Outlook for the ResMed share price

ResMed is a global leader in respiratory medical devices, particularly targeted towards the treatment of sleep apnoea.

In addition, the company also produces invasive and non-invasive ventilators that are used to boost the oxygen intake of patients. 

Shares in ResMed have benefited from the company’s strong revenue and earnings growth.

The medtech giant has managed to maintain growth by providing industry-leading products, software and continued investment in research and development.

A recent note from leading broker Morgans indicates that the ResMed share price could continue its massive bull run.

Analysts expect the positive form to continue over the medium term, initiating a $41.34 price target on ResMed’s shares.

At the time of writing, the ResMed share price is trading slightly lower for the day at $39.75.

The post Will the ResMed (ASX:RMD) share price continue its massive bull run? appeared first on The Motley Fool Australia.

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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The BHP Group Ltd (ASX: BHP) share price is trading in the red on Wednesday, slipping around 1% from the open.

BHP shares may well be struggling amid fresh news out of Andrew “Twiggy” Forrest’s Wyloo Metals Pty Ltd camp on Wednesday, that it has upped the stakes in its bid to acquire Canadian nickel miner Noront Resources Ltd.

Let’s investigate further.

What is the situation?

Recall that BHP had previously made a C55 cents (A60 cents) per share offer to acquire Noront, located in Canada’s “ring of fire” prospecting area in July. This offer has already gained support from Nordont’s board.

On Monday, Wyloo Metals stepped in and has offered to acquire Noront for C70 cents (A76 cents) per share in an all-cash offering. As such Wyloo’s offer is a 27% premium on top of BHP’s bid.

Wyloo Metals is already a 37.5% stakeholder in Nordont, meaning its upsized offer may have more weight behind it. Wyloo does not intend to support the BHP offer.

Should the transaction tilt in favour of Wyloo, Forrest would become Noront’s chairperson.

BHP has pushed back, stating that it did not need Wyloo’s support. It stated that Forrest’s company has only made a proposal, whereas the “BHP offer is the only offer that has been made to shareholders”, today’s Australian Financial Review reports.

Noront’s share price has jumped to C75 cents (A81 cents) at the time of writing, having gained around 25% on the day of Wyloo’s offer.

The Canadian nickel miner has also weighed in, confirming that BHP is the only offer on the table, whereas Wyloo’s angle is a “non-binding proposal”.

BHP share price snapshot

The BHP share price is down 0.92% at $45.19 at the time of writing.

Shares in the mining giant have climbed around 6% this year to date and gained just over 20% over the past 12 months.

Both of these results have lagged the S&P/ASX 200 index (ASX: XJO)’s gain of around 25% over the past year.

The post BHP (ASX:BHP) share price struggles as nickel battle heats up appeared first on The Motley Fool Australia.

More reading

• 11 straight months of gains for ASX 200. Scott Phillips on Nine’s Late News
• BHP (ASX:BHP) share price history: The major highlights (and low points)
• ASX 200 miners beware as UBS warns iron ore will sink under US$100 in 2022
• The BHP (ASX:BHP) share price is down 14% in a month. Here’s why
• Fortescue (ASX:FMG) share price bounces despite looming iron ore supply outlook

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a disappointing decline. The benchmark index is currently down 0.55% to 7,494 points.

Here’s what is happening on the ASX 200 today:

Metcash trading update

The Metcash Limited (ASX: MTS) share price is trading lower on Wednesday following the release of a trading update. That update revealed that the company has started FY 2022 positively, with Liquor and Hardware sales up strongly during the first 16 weeks of the year. They are up 9.5% and 16.3% respectively, over the prior corresponding period. Things haven’t been quite as positive for its Food business, with sales down 1.4% excluding the impact of the 7-Eleven supply contract loss.

Wesfarmers shares go ex-dividend

The Wesfarmers Ltd (ASX: WES) share price is falling on Wednesday. This has been driven by the conglomerate’s shares going ex-dividend this morning. Last month the Wesfarmers Board declared a fully franked final dividend of 90 cents per share. This will now be paid to eligible shareholders on 7 October. A potential $2.00 per share capital return awaits shareholders in December if approved at its annual general meeting next month.

Brokers divided on Altium shares

The Altium Limited (ASX: ALU) share price is pushing higher on Wednesday despite being the subject of a broker upgrade and downgrade. The team at Citi have upgraded Altium’s shares to a buy rating with a trimmed price target of $35.40. Whereas the team at Macquarie have downgraded its shares to an underperform rating with a reduced price target of $27.60. The Altium share price is currently fetching $30.17.

Best and worst ASX 200 performers

The Flight Centre Travel Group Ltd (ASX: FLT) share price has been the best performer on the ASX 200 today with a 4% gain on no news. The worst performer on the ASX 200 has been the Blackmores Limited (ASX: BKL) share price with a 6% decline. This appears to have been driven by profit taking after a strong gain in August.

The post ASX 200 midday update: Metcash update, Wesfarmers goes ex-div appeared first on The Motley Fool Australia.

More reading

• How did the ASX 200 shares perform compared to the FTSE 100 shares in August?
• Metcash (ASX:MTS) share price drops following trading update
• Here’s why the Wesfarmers (ASX:WES) share price is sinking today
• The Blackmores (ASX:BKL) share price surged 35% in August to a 52-week high. Here’s why.
• These were the best performing ASX 200 shares in August

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Altium. The Motley Fool Australia owns shares of and has recommended Altium, Blackmores Limited, and Wesfarmers Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The AGL Energy Ltd (ASX: AGL) share price has hit a record low at $6.36 in early trade on Wednesday.

Let’s investigate further.

What’s up with the AGL share price today?

On Tuesday, AGL announced plans to restructure its senior management team, culling several members from its senior ranks.

The company will see a number of key executives exit over the coming periods into December of FY22.

This aligns with the planned demerger date which AGL hopes to finalise by the fourth quarter of FY22. Recall that AGL’s plan will see it demerge into two ASX-listed companies, AGL Australia and Accel Energy.

Investors have also been selling AGL shares on the back of its FY21 results in August.

The AGL share price has wallowed in a sea of red since January 1 as the company advances on its plans to demerge into these two separate entities.

Over the month of August alone, AGL shares dived another 12% into the red, which just goes to underscore current investor sentiment.

In fact, it’s been a difficult time over the last five years for the AGL share price, having sunk by 77% over that time from a high of $27.61.

There is no market-sensitive information for the company today. Therefore, it stands to reason that investors continue to sell the company’s shares as part of the wider downtrend in the AGL share price.

Foolish takeaway

AGL is advancing on its plans to demerge into two separate ASX-listed entities, Accel Energy and AGL Australia.

It has scheduled a completion date by the fourth quarter of FY22 and hopes to finalise the demerger by then.

At the time of writing, AGL has a market capitalisation of $3.95 billion.

The post AGL Energy (ASX:AGL) hits record low, slides a further 12% in August appeared first on The Motley Fool Australia.

More reading

• AGL (ASX:AGL) share price struggles amid major management shake-up
• Here’s why the AGL (ASX:AGL) share price is down today
• August hasn’t been a great month so far for the AGL (ASX:AGL) share price
• Here’s why the AGL (ASX:AGL) share price is down 6% in a week
• How does the AGL (ASX:AGL) earnings result compare to Origin?

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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iSignthis Ltd (ASX: ISX) is accelerating its lawsuit against ASX Ltd (ASX: ASX), claiming the exchange operator unjustly suspended the company’s stock.

At the same time, it has announced it’s planning to demerge its European subsidiary, effectively splitting the company in two.

Additionally, iSignthis has posted its half-year results for the 6 months ended 30 June 2021.

The iSignthis share price is $1.07, as it has been since 2019.

According to the company’s new statement of claim, the ASX suspended its stock without cause and, in doing so, breached the Corporations Act. iSignthis first brought the claim against the ASX this time last year.

Let’s take a look at the latest news from the payment and authentication company.

Demerger of European assets

iSignthis has announced its intention to demerge its subsidiary, ISX Financial EU Ltd.

Under the plan, iSignthis’ shareholders would hold 100% of ISX Financial EU following the split. The subsidiary would then probably seek to list on another exchange, giving shareholders the chance to trade its stock.

Following the demerger, iSignthis will hold a $6 million convertible note in ISX Financial EU, 100% of ISX Financial EU’s shares, and around $4.3 million in cash.

Additionally, iSignthis notes its legal claim against the ASX as part of its balance sheet. It commented it has the funds to “pursue its Federal Court litigation against ASX, which it will continue to do with vigour.”

The company’s Cyprus-based non-executive director Christakis Taoushanis has today become chair of ISX Financial EU.

The demerger is dependant on shareholder approval. iSignthis will put it to a shareholder vote at its annual general meeting, which will likely happen in October.

Half-year results

Here’s how iSignthis performed over the first half of 2021:

A quick note: all values are converted from euro at the exchange rate at the time of writing.

• $17.29 million revenue, down 7.58% on that of the prior comparable period
• Loss after tax of $607,841. For the first half of 2020 the company recorded a profit of $738,271.54.
• The company paid $1.94 million in legal costs towards its suits against ASIC and the ASX
• Revenue from customers fell 7.58% to $17.27 million

iSignthis stated the drop in customer revenue was due to its move away from card acquiring and towards instant and batched interbank payments and the creation of a multi-rail ecosystem centred on its flykk service.

New statement of claim

According to iSignthis’ new statement of claim, the ASX suspended it from the exchange due to “mere suspicion” and representatives of both ASX and ASIC had had a conversation in which they “spitball(ed)” the best method to suspend the company’s stock.

iSignthis was suspended from trading pending an ASIC and ASX investigation into its share price’s volatility in October 2019. It is still suspended.

iSignthis is also claiming it was treated differently than 13 other listed companies in similar situations. Additionally, it alledges ASX made false representations about the suspension.

The company has lodged its new statement of claim with the Federal Court of Australia.

It’s seeking $464.4 million in damages for the suspension.

The company claims representatives of ASIC and ASX spoke on the phone the morning of its suspension. An ASIC representative is said to have stated they were looking into iSignthis’ 2018 revenue but it “did not reveal a ‘smoking gun.’”

According to iSignthis, ASX’s representative stated they’d considered a suspension but didn’t have hard evidence. Some participants of the phone call also allegedly noted the suspension was a “major litigation risk”.

iSignthis states that, due to the suspension, it has incurred $159,836 of public and media relations costs, fees of $156,815 from an independent expert’s review, and has lost commercial arrangements.

The post Here’s why the iSignthis (ASX:ISX) share price is halted appeared first on The Motley Fool Australia.

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• Afterpay (ASX:APT) ‘Touch Ventures’ eyes IPO
• What’s happening with the Sydney Airport (ASX:SYD) share price?
• How did the ASX 200 shares perform compared to the FTSE 100 shares in August?
• Why the Immutep (ASX:IMM) share price is leaping 5% today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The RAIZ Invest Ltd (ASX: RZI) share price is falling heavily on Wednesday morning.

At the time of writing, the investment platform provider’s shares are down 16% to $1.66.

Though, despite today’s heavy decline, the RAIZ Invest share price is still up an impressive 70% in 2021.

Why is the RAIZ Invest share price crashing today?

Investors have been selling down the RAIZ Invest share price today following the release of a surprising announcement this morning.

According to the release, the company has received a request from BBH-GL Nominees to call a meeting of shareholders.

BBH-GL Nominees is a company associated with RAIZ Invest’s Founder, Managing Director and CEO, George Lucas.

At the last count, BBH-GL Nominees held 4,458,338 RAIZ Invest shares, making it a substantial holder with greater than 5% of its shares outstanding. This gives it the right to call a meeting of shareholders pursuant to s249D of the Corporations Act (Cth) 2001.

Why is there a meeting being called?

BBH-GL Nominees and Mr Lucas have requested the convening of a general meeting of shareholders to vote on a surprise resolution.

According to the release, the resolution is: “That pursuant to section 203D of the Corporations Act and clause 10.19(e) of the Company’s Constitution, Nina Finlayson, Kevin A Moore and Kelly Humphreys are removed as directors of the Company with effect from the close of this meeting.”

No details have been provided on why BBH-GL Nominees and CEO George Lucas want these directors to be removed.

It is also worth noting that one of these directors, Kevin Moore, is the RAIZ Invest Chairman and only joined the company on 1 December 2020.

For the Founder and CEO to attempt to remove his Chairman after less than a year, is not a good look for a company and hints at some major disagreements in the board room. Which certainly goes a long way to explaining the weakness in the RAIZ Invest share price today.

Further details are expected to be released ahead of the proposed meeting.

The post RAIZ Invest (ASX:RZI) share price crashes 16% amid leadership fight appeared first on The Motley Fool Australia.

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• Here’s why the Raiz (ASX:RZI) share price is storming 8% higher today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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