Three directors from QEX Logistics Limited (NZX:QEX) unexpectedly exited their directorships yesterday afternoon.
- All three directors resigned due to disagreements held with the Company’s CEO, Ronnie Xue.
- Mr Xue remains the only board of directors at the company.
- The company is urgently seeking substitute directors so that they can comply with NZX obligations.
The ailing logistic services company has also been notified by Westpac that its subsidiary, New Y Trading Limited, is in breach of its interest cover levels. Westpac requires the subsidiary has an interest cover ratio of more than 2.50x. The subsidiary’s interest cover level is currently -6.5x. Westpac have given the subsidiary time to rectify the situation before acting.
Also, following the resignations, QEX Logistics does not fulfil NZX Listing Rule criteria of the Board’s composition since the Company at present has only one non-independent director. Therefore, QEX shares have been suspended from quotation on NZX.
QEX shares last traded on NZX on 17 February, at a price of NZ$0.285.