Nuix (ASX:NXL) calms nerves about governance and financial concerns

Company News

by Michael Luu

Under-pressure data specialist Nuix (ASX:NXL) is making strategic moves to calm investors’ nerves about the Macquarie-backed company’s governance and financial accounts prior to its IPO.

Nuix Chairman Jeff Bleich made a statement, “In my address, I made clear that the board was listening to the feedback from our shareholders and the market.”

The moves came on the back of the analytics firm’s concession that its governance and communications capabilities were inadequate for an ASX-listed public company valued by the market at $1.1 billion.

The company has installed an independent board review task force designed to enhance oversight and address issues recently raised by investors and market analysts. The body will operate in conjunction with external advisors and Nuix’s compliance division.

The new independent board sub-committee consists of independent directors Hon. Jeff Bleich, Sir Iain Lobban and Sue Thomas.

Additionally, the company has employed the services of an international recruitment agency to search for independent non-executive directors. The analytics and intelligence tech developer aims to strengthen the ranks of Nuix’s board, by upsizing the current board composition of five members.

The company explained, “These initiatives are important building blocks to continue to strengthen corporate governance and achieve our performance objectives.”

Shares in Nuix (ASX:NXL) are trading 3.8 per cent higher at $3.66

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.