Destra is the latest company to fall prey to the Opes Prime collapse – with its major stake holder Prime Media Group moving in yesterday to sack the board
Destra is the latest company to fall prey to the Opes Prime collapse – with its major stake holder Prime Media Group moving in yesterday to sack all but one member of the board, including company founder Dominic Carosa.
Carosa will remain at Destra in a consulting role until a replacement is found. In the interim a new caretaker board has been announced and the company is in search of a new CEO.
Carosa’s business empire has all been all but wiped out after the Opers Prime Collapse. The bad news for Carosa and Destra came just six weeks after Carosa had increased his personal holdings in the company by more than 40,000 shares to take his total investment in the company to 12.4 million shares.
Speaking with the Daily Telegraph, Carosa said the Opes Prime collapse had had a very “personal impact” stating “I really believe an entrepreneur without equity is like a fish without water but (Prime Media’s move) is positive for the company and positive for me.
“I’m focusing on the future now, and Destra will always be my little baby.”
Prime chief executive Warwick Syphers was the only Destra non-executive director to survive the mass-sacking.
Destra’s trouble began when the ANZ Banking Group sold a massive pool of shares by Opes clients in an attempt to recoup some of the $650 million dollars they were owed by Opes. Prime Media responded by buying up Destra stock increasing their stake in the company to 44% and soon after Carosa’s days as a digital media mogul were over…
Pic: by Michael Clayton Jones