WiseTech Global in trading halt ahead of announcement on governance issues
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The news: WiseTech Global entered a trading halt moments before the ASX's open on Thursday as it flagged an upcoming update on board discussions "relating to matters of governance".
The halt will last until it makes its announcement or the commencement of trading on Monday, whichever is earliest.
The context: Earlier this month, it was revealed that WiseTech founder and CEO Richard White was facing legal action over alleged breaches of Fair Work protections.
The company confirmed around the same time that it had received two confidential complaints relating to White — one from an employee and another from a supplier to the company.
Those developments came after White's personal life made news in October when wellness entrepreneur Linda Rogan accused White of expecting a sexual relationship in reciprocation for an investment in her business. The matter was settled, leading to Rogan withdrawing her accusations.
White last year stepped down as CEO, but the board quickly offered him a 10-year consultancy role with the title of "Founder and Founding CEO". The contract for that job had yet to be signed as of earlier this month.
What they said: "The trading halt is requested to enable the Company to be in a position to provide an update on current Board discussions relating to matters of governance," WiseTech wrote in an ASX notice.
"WiseTech Global anticipates that the trading halt will remain in place until the earlier of such time as it makes an announcement to the market and the commencement of trading on Monday, 24 February 2025."
The source: ASX announcement
