Oneview Healthcare PLC (ASX: ONE) on 31 December 2018, announced that Mark Cullen resigned from the Board of Directors and his resignation will be effective from 04 January 2019. He will be joining DWS Group GmbH as an executive board member.
As a part of the strategic review, the company has further announced to reduce the strength of the non-executive directors from six to three.
James Fitter who is the chief executive officer of Oneview Healthcare PLC appreciated Mark Cullen for his stupendous contribution to the board and wished him good luck for his new role at DWS Group GmbH.
The resignation of Mark Cullen was followed by the appointment of three new members to the board Joe Rooney, Lyle Berkowitz and Mike Kaminski. These members will be taking the responsibility of both the Audit Committee and the Remuneration and Nomination Committee.
Nick Brown who was the Joint Company Secretary of Oneview Healthcare PLC also resigned from his post. His position will be taken up by Patrick Masterson who is currently holding the position of chief commercial officer. Patrick Masterson will now be acting as a sole company secretary.
The official listing date of Oneview Healthcare PLC on ASX is 17 March 2016. Since then, the company has consistently given a negative performance. The previous one-year performance of the company is -70.87%.
For six months ending 30 June 2018, the company incurred a net loss of €10,726,600. The balance sheet of ONE appears to be healthy with a net asset of €19,518,700 and a debt to equity ratio of 0.365. It indicates that the company has sufficient funds to meet its long-term obligations. It also shows that the company tries to use its existing resource to fund any financial requirement. Further, the company holds a position to meet the working capital requirements and clear short-term debt as the total current asset which it owns is €24,208,672 is much above its total current liabilities of €6,096,664. The total shareholder’s equity is worth €19,518,700.
The six months period which ended on 30 June 2018, results in the decrease in the cash and cash equivalent. Here, the main source of cash was due to payment made to the suppliers and the employees. It was further complemented by the fluctuations in the exchange rates of currencies which resulted in the net cash and cash equivalent of €17,468,255.
By the end of the trading on 31 December 2018, the share price remains unaffected by the recent update of the directorship change. The share traded last on 27 December 2018 at A$0.600 with the stock holding a market capitalization of A$40.18 million.
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