The potential claims were not detailed but administrators said they had reviewed the minutes of the board meetings and discussed the issue specifically with directors. “The material confirms that arrangements were put in place to appropriately protect Nexus from any conflict of interest issues that may have flowed from Mr Voelte’s position as former chairman of Nexus and director of Seven,” the administrators’ report to creditors said. “The administrators do not believe there to be any merit in pursuing the directors and Mr Voelte for any misconduct that may enable recovery to be made by Nexus for breaches of directors’ duties,” it said.
The administrator’s report reveals shareholder anger against Mr Voelte, who left Nexus six weeks before the bid when the share price was 7. 7c, has not subsided, with legal action having been threatened. “The administrators have been contacted by a solicitor acting on behalf of a group of shareholders in relation to potential claims arising from the involvement of Mr Voelte as a director of both Seven and Nexus,” the report said.
Read more here: Business Spectator