'Never seen anything like it': ASX-listed defence play Rectifier’s bizarre boardroom bust-up
It's not often five directors abruptly resign from the board of a listed company just hours before its AGM. But that's what happened at electrification and defence play Rectifier Technologies this week.
It's not often five directors abruptly resign from the board of a listed company just hours before it's AGM. But that's exactly what transpired at small cap electrification play Rectifier Technologies this week.
The ASX-listed company – which makes power conversion products for EV chargers, military equipment and more – is now at the centre of an extraordinary boardroom bustup that has shocked its investors. Trading in the stock has been halted after the five directors, including the CEO and deputy chair, stepped down amid concerns over a "potential hostile shareholder".
Rectifier CEO and managing director Yanbin Wang, chief power engineer Nigel Machin, deputy chair Jitto Arulampalam, founder Tino Vescovi, and sales director Nicholas Yeoh all resigned as directors on Wednesday.
With Rectifier no longer satisfying a Corporations Act requirement to have two Australia-based directors, the company was suspended from the ASX. It was valued at $48.5 million at the time of the trading halt.
