Firstfolio has announced the company’s interim CEO has agreed to stand down from his position following recent issues with the firm’s recapitalisation proposal.
Mark Flack was appointed to the position of CEO in July last year until completion of the company’s $50.2m recapitalisation proposal, following which he was to be appointed managing director of the company.
He was appointed as nominee of IZN Investments Ace Management, the company which has agreed to invest a minimum of $39.5m of equity capital in Firstfolio.
The mortgage company announced last month that IZN had missed the January 20 deadline and was unable to confirm when the funds would be transferred.
“As previously announced, the company has not exercised its right to terminate the Recapitalisation Proposal Subscription Agreement and understands IZN is continuing to take steps to deliver the Recapitalisation Funds,” said company secretary Dustine Pang.
“The board, with the assistance of Grant Samuel Corporate Finance, is continuing to consider potential alternative transactions to the Recapitalisation Proposal.”
The board has appointed Greg Pynt, an executive director of the company, to oversee the activities of Firstfolio until the recapitalisation proposal proceeds or a permanent new CEO is appointed.