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Western Australian shipbuilder Austal has announced changes to its Board of Directors, coinciding with the recent withdrawal of a billion-dollar bid by South Korean conglomerate Hanwha this week.
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Austal recently advised shareholders that sixth-year non-independent director Chris Indermaur would retire and not seek re-election at Austal’s upcoming Annual General Meeting.
In addition, international finance executive and board member Brent Cubis has been appointed as a non-executive director. Mr Cubis has performed CFO and/or NED roles for large international and domestic companies including ARN Media, A2B (formerly Cabcharge), and Cochlear.
“Brent’s international finance, M&A and risk experience will bring important additional expertise to the Austal board,” said Austal Chairman Richard Spencer.
“And while we tend to focus on listed company experience, his current roles on the boards of both Silverchain and Canteen speak to the quality of the individual.”
Mr Cubis currently serves on the boards of ARN Media, AI Media, Silverchain and Canteen. He also was Director for 20 global subsidiaries at Cochlear, where he was CFO, and served on the Global MBA Advisory Board at Macquarie University.
Mr Spencer also thanked outgoing board member Chris Indermaur.
“Chris has been a non-executive director of Austal during a period of considerable change; change which has created growth and a stronger company, and I thank him for his contribution to the Company over that time,” he said.
The announcements follow the Hanwha's withdrawnal of its billion-dollar bid for Austal. Hanwha approached Austal in September 2023 and a series of three subsequent non-binding (NBIO) approaches and preliminary approvals were provided by both the United States and Australia.
In a formal piece of correspondence from Hanwha chief executive Kwon Hyek-woong, the company said, “Since submitting its first NBIO on 15 September 2023, Hanwha has sought to constructively engage with the Austal Board.
We have submitted three revised NBIOs, agreed to a 12-month standstill, and conducted preliminary US and Australian regulatory approval reviews, which have clearly conveyed to you has only increased our confidence.”
Kwon’s letter reportedly went further, saying, “More recently, the Austal Board has indicated openness to granting us commercial due diligence, on the condition that Hanwha pays a termination fee if either the US or Australian regulatory authorities reject Hanwha’s acquisition of Austal.”
