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BWX has been dealt another blow with the resignation of director and Tattarang nominee Michelle Hepworth, whose appointment at the embattled skincare company lasted just six weeks.
In a brief statement to the ASX on Tuesday BWX announced Ms Hepworth — an investment manager at Andrew Forrest’s private investment group — resigned from the board on Monday.
No explanation was provided as to the reason for her departure. Tattarang and BWX were contacted for comment.
It comes after BWX was last month granted a suspension of its shares after it advised it was “not in a position to issue its audited full-year results for the financial year 2022“ just 24 hours before they were scheduled for release.
BWX said it required more time “due to certain revenue recognition isues for FY21 and 1H FY22 and the likely impairment of its intangible assets to a level significantly below their carrying value as previously foreshadowed to the market”.
“These matters mean the company is currently unsure whether or not it will meet its full year guidance for FY22,” BWX said in the statement last month.
It’s understood BWX is aiming to release it’s full-year results by the end of the month, with the board focused on the audit process to get out of suspension.
Ms Hepworth was appointed a non-independent, non-executive director to the BWX board on August 11 in line with Tattarang’s entitlement to nominate a director.
Tattarang nabbed a seat on the board of BWX in July following a $23.2 million capital raising that increased its stake in the business from 16.87 per cent to 19.9 per cent.
Tattarang is the second largest shareholder of BWX — which owns Sukin, Andalou, Mineral Fusion USPA and Nourished Life — with an 18.29 per cent stake in the company as of Tuesday.
Ms Hepworth is also the former acting chief executive and current director of RM Williams, and a non-executive director of Perth-based GLX Digital.
