Oaks founder makes play for re-election to CEO

Oaks founder makes play for re-election to CEO

Oaks Hotels and Resorts Limited (ASX:OAK) founder Brett Pointon has called on the board to convene a vote to cull five directors from the board and have him re-appointed CEO.

Pointon, and four other shareholders in Oaks, have asked for a general meeting to vote on whether to remove chairman Douglas Wong and directors Stephen Lonie, Alan Gray, Colin Archer and John Crowley from the board.

Pointon was terminated as CEO of Oaks on March 11 following a board decision. He had receivers appointed in January for two companies he owns which together own around one third of Oaks.

As well as his reappointment, Pointon and his supporters are asking that Philip Downie and Michael Kelly be added to the board as directors.

Oaks is currently being courted by Minor International, which has offered $61 million, or $0.35 per share, for the company. But the board has so far advised shareholders to take no action on the offer.

OAK shares fell 1.39% to $0.355 during Tuesday's trading.

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Tags ASX:OAKBrett PointonOaks Hotels and Resorts

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