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In the wake of recent financial difficulties, Oroton Group director Will Vicars has resigned from his role, effective immediately.

The news comes after the company revealed it had engaged investment bank Moelis & Company to conduct a strategic review of its business following a continued decline in earnings.

Oroton Group earnings for fiscal 2017 are now forecast to be approximately $2 million to $3 million.

The resignation of Vicars now means there is now a majority of independent directors on the company's board, with the remaining members intending to appoint an experienced independent non-executive director as soon as possible.

Vicars said the decision was a result of other commitments, however he will remain a major shareholder in the Oroton Group.

“With the increasing level of my other commitments, I have made the decision to reduce the number of directorships I hold, and accordingly I have decided to resign as director of Oroton Group.

"I remain a major shareholder in Oroton Group and am supportive of the work being done by the Board and management.”

Three key reasons behind the recent decline in Oroton Group have been identified in areas of sales, the GAP brand and hedge buying rates.

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