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Some Boss Energy (ASX:BOE) shareholders have been left rattled on Thursday after the company’s managing director, Duncan Craib, announced he’s out the door in late September.
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From January 1 next year, Craib will then return as a Non-Executive Director (NED), implying the man may need a three-month break.
In the meantime, COO Matt Dusci is stepping in as CEO from October 1.
“Duncan has led Boss from a micro-cap developer to being one of the few uranium producers in Australia. We look forward to continuing to work with him in his new capacity as a Non-Executive Director,” company chair Wyatt Buck said.
“Matt has done an excellent job for the past year in successfully ramping up Honeymoon, and we believe his significant operational, technical and industry experience will stand us in good stead.”
That’s all well and good, but some shareholders are rattled. At least one HotCopper user pondered whether Duncan is exiting the building ahead of an earnings report that may or may not be unsavoury (though this finance journalist is drawn by the fact Duncan’s taking an exactly-three-month break).
At any rate, it’s attracting significant attention. Right on the cusp of lunchtime trades some $23.2M worth of shares had traded hands with shares down -3% to $3.61/sh.
(The shock was worse right out the gate with shares slumping nearly -7%, but losses quickly pared back in the first hour of trade.)
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While shorts on BOE have dropped from a whopping 25% of shares in April to 14.4% in early July, pressure is still significant, leading some to ponder what this may mean for those on the cynical side of the equation.
BOE last traded at $3.61/sh through lunchtime on Thursday.
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