See Courier Mail. The Oaks Press Release says only this: "Oaks Hotels and Resorts Limited (Oaks) announces that Mr Brett Pointon’s employment contract as Chief Executive Officer of Oaks has been terminated effective immediately."
"The principles and ethics that firmly ground The Oaks Group were laid down by CEO Brett Pointon over many years of personal experience in strata-titled property management. The group’s impressive increase in its portfolio of properties under management since its foundation in the early 1990’s is thus anchored to astute knowledge of this unique industry. Known for his pro-active, hands on approach, Brett Pointon leads by example, creating an environment in which innovation in marketing is balanced by the utilisation of proven strategic planning systems."
What is going on at Oaks?
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In the recent KPMG valuation report, they told us the reason for Brett's termination (I am a shareholder).
When they were doing a capital raising feasibility study, the conclusion was that substantial shareholders wouldn't put up more cash while Brett is CEO. A capital raising of $5.5m+ is a requirement for the financing due on 30 July.
So they terminated Brett so the capital raising will be successful so that we can meet all financial covenants successfully and extend the financing.
By the way, Oaks profitability is now at record levels since your article saying that it had crashed.
The only real problems with Oaks are their loss making Dubai property and their financing being uncertain.
The Dubai property's lease will expire in 2 and a bit years, so that will be fixed in time. The only financial covenant not being met is the capital raising of $15m, $6.5m or $9.5m has already been raised, but $8.5m or $5.5m still needs to be raised before 30 July (they are working on it...).
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