Total
0
Shares
Tubi (ASX:2BE) - CEO and Managing Director, Marcello Russo - The Market Herald
CEO and Managing Director, Marcello Russo
Source: Tubi
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Pipe manufacturer Tubi (2BE) has been hit with resignations from key members of its board
  • After losing its Chairman, two non-executive directors and a CFO and Secretary, Tubi plans to appoint a new board over the next four weeks
  • Managing Director Marcello Russo also gave notice of his resignation six months ago but has since committed to stay with the company
  • 2BE has now stood-down all plants and found interim positions for key personnel until operations recommence
  • Amid the upheaval, Hopetoun —the owner of Tubi's Plant 5003 — has resolved not to extend the company's lease, deciding to sell the operation
  • Meanwhile, difficult trading conditions in the March quarter, propelled by COVID-19 and supply issues, have exacerbated a problematic period for Tubi
  • The company expects sales for the quarter to March 31 to be up to 80 per cent lower than the corresponding period last year
  • Tubi has been in a trading halt since April 6 with shares last trading at 4.9 cents

Pipe manufacturer Tubi (2BE) has been hit with resignations from key members of its board.

Chairman Simon Bird, non-executive directors Brent Emmett and Tony Willsallen, and Chief Financial Officer and Secretary Ariel Silvikofsky, have all resigned.

Interestingly, Managing Director, Marcello Russo, gave his notice six months ago but has since committed to stay with the company to deliver improved outcomes for shareholders.

The exits come at a difficult time for the company, with the former board unable to agree on a strategy and financing arrangements.

Further, with the outgoing directors unwilling to commit to new sales contracts, the company has now stood-down all plants and found interim positions for key personnel until operations recommence.

Amid the upheaval, Hopetoun —the owner of Tubi's Plant 5003 — has resolved not to extend the company's lease, deciding to sell the operation instead.

Meanwhile, difficult trading conditions in the March quarter — propelled by COVID-19 and supply issues —have exacerbated a problematic period for Tubi.

In fact, the company expects its sales for the quarter to March 31 to be up to 80 per cent lower than the corresponding period last year.

Looking forward, and with its sights set on improving value for shareholders, Tubi plans to appoint a refreshed and motivated board in a process that it says will likely take around four weeks.

In the meantime, the company has identified an interim CFO and secretary and is looking to engage a financial and strategic advisor.

Tubi has been in a trading halt since April 6 with shares last trading at 4.9 cents.

2BE by the numbers
More From The Market Herald
DroneShield (ASX:DRO) receives $900k order from major Govt. agency

" DroneShield (ASX:DRO) receives $2.3M multi-option payment from Middle East

DroneShield (DRO) has received $2.3 million of the remaining payment due on an order previously completed for a Middle Eastern Ministry of Defence.
Coventry Group (ASX:CYG) - Managing Director and CEO, Robert Bulluss - The Market Herald

" Coventry Group (ASX:CYG) acquires Fluid Power Services for $2.1M

Coventry Group (CYG) is set to acquire Tasmanian-based hydraulic equipment company Fluid Power Services (FPS).
Electro Optic Systems (ASX:EOS) - Group CEO, Dr Ben Greene - The Market Herald

" Electro Optic Systems (ASX:EOS) to up the ante in fight against space debris

Electro Optic System (EOS) has revealed its latest developments in laser technology, which could be used in the fight against mounting debris in
Marmota (ASX:MEU) finds water underground at Aurora Tank

" Dynamic Drill and Blast (ASX:DDB) expands fleet

West-Australian based company Dynamic Drill and Blast (DDB) has added three drill rigs to its fleet.