As Arcade acquires 65% of shares.
Godfreys has confirmed the resignation of its chief financial officer, Andrew Ford and four board members, Brendan Fleiter, Penny Burke, Kathy Gramp and Sue Morphet, effective immediately.
The resignations follow the announcement that Arcade Finance had acquired a relevant interest of 65% of Godfreys shares, giving it a controlling interest in Godfreys, and its offer is now unconditional.
As a result, Arcade director, Grant Hancock has been appointed director of the company’s board, bringing relevant experience and qualifications.
These announcements come shortly after Arcade Finance increased its offer price to $0.335 for each Godfreys share and extended the offer period to 7 June, 2018.