An interview with Quarto’s non-executive chairman Andy Cumming removes some of the mystery around the company’s bizarre governance and management changes in 2018. It was clear before last May’s fateful May annual meeting that their debt load of $64 million was unsustainable, with the company saying in March, “The group is therefore looking at all options to strengthen the balance sheet and will keep all stakeholders updated with its progress.” The solution, former ceo Marcus Leaver now says, was selling additional shares to raise capital — which would have diluted existing shareholders, and that sparked founder and former leader Laurence […]
