Surfstitch CEO resigns in spectacular circumstances

Surfstitch CEO Justin Cameron has resigned from the group with immediate effect.

Cameron is reportedly pursuing an opportunity relating to a potential acquisition of the company.

The opportunity is in conjunction with private equity.

Surfstitch stressed it has not yet received any formal or informal acquisition proposal from private equity.

It has also not received any specific information from Cameron in relation to what the possible terms and conditions may be of any potential acquisition proposal.

However, the Board of Directors has formed an Independent Board Committee to consider and respond to any proposal that the Company may receive.

Cameron tendered his resignation during the initial fixed two year period and before his employment contract permits.

Surfstitch said it is assessing its options having regard to the best interests of shareholders.

In the interim, chairman Howard McDonald will monitor activities and day to day operations.

The Independent Board Committee has engaged UBS to act as its financial adviser and Herbert Smith Freehills to act as its legal adviser.