destra Corporation Limited (ASX: DES) today announced a new interim board of directors and a comprehensive review of the company’s strategy and business activities
This follows the completion of destra’s $15 million rights issue, underwritten by Prime Media Group Limited (ASX: PRT) and in which Prime has increased its shareholding in destra to approximately 44%.
All of destra’s non-executive directors resigned at a board meeting held in Melbourne today with the exception of Warwick Syphers, Managing Director and CEO of Prime.
In addition, Domenic Carosa has stepped aside as CEO and as a director of destra. He will continue to provide his services as a consultant to the company.
A new interim board has been appointed comprising David Gordon, principal of Lexicon Partners, as Executive Chairman, with non-executive directors Warwick Syphers and Peter Evans, who is also a non-executive director of Prime.
Lexicon Partners is a Sydney-based advisory and investment firm that has worked with many of Australia’s major media businesses.
destra’s new board has announced a comprehensive review of the company’s strategy and business activities, led by Lexicon Partners and involving management. The review will include all parts of the business and will address issues including business unit and corporate strategy, the integration and consolidation of operations and the capital requirements for the company moving forward.
Incoming Executive Chairman David Gordon said: “The new board will increase the focus given to consolidating the company’s recent acquisitions. Our objective is to introduce a stronger performance culture into all aspects of management.”
Warwick Syphers said: “The successful completion of destra’s rights issue enables the company to reassess and review its operational and strategic options. This review will
also focus on emerging opportunities in the digital media space, appropriate resourcing, and positioning destra for future growth.
“David Gordon is one of Australia’s pre-eminent corporate advisors in the media industry and has had a long term association with Prime. David and Lexicon Partners have Prime’s full support.”
Outgoing destra co-founder and CEO Domenic Carosa confirmed his support of the new board.
“destra has been one of the pioneers in digital media over the last 15 years and I will always be proud of destra and my role in the company’s creation. destra is now entering a new phase and I have full confidence that David Gordon and Prime will take it to the next level,” he said.
David Gordon acknowledged the contribution of destra’s outgoing board.
“I would like to take this opportunity to thank the departing directors for their efforts in guiding destra’s development to date to provide a platform for future growth in the digital media sector,” he said.
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About destra Corporation
destra Corporation Ltd (ASX:DES) is Australia’s leading independent (non-studio) digital media company. Its two core divisions are: destra Entertainment, one of the largest CD and DVD publishers in Australia (incorporating independent film and DVD distributor Magna Pacific); and destra Media, operator of numerous online communities including MP3.com.au, TheScene.com.au, Planet X, and Niceshorts.com.au (short films). Destra media also incorporates Brand New Media, which creates, sells and markets a diverse range of media content to advertisers and their agencies.
About Lexicon Partners
Lexicon Partners is a Sydney-based corporate advisory and investment firm that has and continues to work with many of Australia’s major media businesses.
For further information contact:
Rochelle Burbury
Access PR
M: 0408 774 577
E: Rochelle@accesspr.com.au
Margaret Fearn
Access PR
M: 0402 259 064
E: mfearn@pacific.net.au
Simon Lloyd
Access PR
M: 0424 470 923
E: simon@accesspr.com.au