John Maasland retains his shareholding. Photo / Kenny Rodger
John Maasland retains his shareholding. Photo / Kenny Rodger
KEY POINTS:
John Maasland has quit another directorship, this time leaving the board of wireless telco operator Woosh.
Maasland stepped down as a director of the company last Friday but still retains his small shareholding.
Woosh chairman Rod Inglis said Maasland's departure was consistent with his public comments at thetime of his exit from the Auckland International Airport board.
Maasland resigned as the airport chairman last week, a day prior to a board meeting which could have seen him rolled by fellow directors.
At the time Maasland, whose other appointments include chairman of Radio Network, director of Herald publisher APN News & Media and Delegat's Group, said he was looking forward to a more restful Christmas.
"I have to say that the past eight or nine months have been somewhat busy, challenging and demanding. I'd got to the age and stage where I'd like to be a little less loaded," he said upon his Auckland Airport resignation. Maasland is out of the country and unavailable for comment.
The Business Herald understands Woosh shareholders have been asked to invest more capital in the company.
But Inglis yesterday denied there was any cashflow issue for the firm which has about 100 staff around the country. "Woosh is fine," he said. "I wouldn't believe rumours you hear in the street."
The company posted a $24 million annual loss for the year to June 2006 - up from a $21.8 million loss the previous year. Accumulated losses carried forward totalled $96 million.
However, earlier this year it was confident it would break even before the end of the June 2007 financial year.
The company cancelled an initial public offer in 2005. It sought to raise $80 million to fund the roll-out of its network. Woosh had first hoped to sell shares for $1.50 to $1.70, but later cut the target to $1 to $1.10.
