Tim Hughes leaves Photon Group board
Photon Group co-founder Tim Hughes has quit the troubled company as it continues its efforts to recapitalise.
Hughes had already resigned as executive chairman but has now left the Photon board.
Photon, owner of agencies such as BMF, BWM, Naked and CPR, ran into trouble after an acquisition spree left it with payout liabilities that it cannot meet without more funds.
The company has now renegotiated almost all of those payout liabilities. It remains suspended from the ASX as it enters the final days of its fund-raising efforts.
Is this a sign of a turn around or a guy who knows when to jump ship as it finally sinks?
User ID not verified.
feel sorry for the bmf,naked dudes…..will they ever get their payout figures they deserve??
User ID not verified.
If i were one of the guys on earnout, I would have made his leaving a condition of signing that agreement.
User ID not verified.
Chris, I don’t think you have to worry about the financial position of the bmf dudes.
User ID not verified.
Agree with RJ! So hard to know if this is a positive opportunity for Photon to move forward or if it’s the original rat leaving the sinking ship. Good riddance in any case.
User ID not verified.
who wants to fall on a sword?
User ID not verified.