When The Agency (ASX: AU1) announced a breakthrough yesterday for extending the deadline of a $12 million debt repayment, the news coincided with the high-profile departure of director Mitchell Atkins (pictured).
The exit, effective last Friday, was significant given Atkins' Magnolia Capital came on board as a key shareholder in a mid-2019 capital raising.
As at the end of last year, between his own personal holdings and those of the fund he founded, Atkins owns around 17.6 per cent of the rapidly-growing and acquisitive real estate group.
In a statement given to Business News Australia, Magnolia said Atkins left the board to ensure a smooth functioning of the business.
"Given we are now supporting The Agency through the process of restructuring its finances through both equity and debt arrangements, the need for me to step down was clear to ensure that there are no conflicts of interest, so that independence is maintained through this time," Atkins said.
"Myself, along with the broader Magnolia Capital Group team, look forward to continuing to support The Agency as it focuses on the next steps of growth for the organisation.
"We have a strong pipeline of activity in Magnolia Capital Group with the opening of new offices across Asia."Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia