The head of electricity services company LPE says he was left in limbo when he told the board he needed to sell shares.
CEO says he repeatedly sought board permission to sell shares.who was sacked over share sales, furiously argues his dismissal was deliberately engineered amid a fight with his board.
Sunshine Coast-based LPE provides electricity services to strata-title residences, including installing and maintainingsystems. Listed on the ASX, the company posted a $341,000 profit on revenue of $19.3 million in the December half, and its shares traded at 5¢ on Monday. Mr Glanville said he had gone on stress leave, and needed to sell shares for family reasons. He said he had sought permission from the board about five times to sell shares around late March – maintaining there was no material information not already in the market.
Mr Glanville said the board withheld giving him permission or a rejection, instead saying they were unsure or were seeking advice, while also requesting personal information about his family situation that he said he was not obliged to provide.Mr Glanville ultimately sold 8.2 million shares to Melbourne investment fund River Capital, which also acquired other shares to accumulate an 18 per cent stake in late March. Mr Glanville argued the directors did not want to have another major shareholder.
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