Ted sent to Coventry

Primelife founder Ted Sent has been sent to coventry by the new board of the aged care operator and development group. Chairman of the new Primelife board Robert de Crespigny notified the ASX yesterday that it directed Sent to stand aside “pending the outcome of an independent review being conducted into a number of matters”.

Late yesterday, Primelife would not elaborate on the one page ASX statement.

Only recently, de Crespigny and former Liberal Party power broker Ron Walker took effective control of the Primelife board and the company. The pair appointed Gary Cobbledick as chief executive.

Last financial year Primelife recorded a $29 million after tax loss with no dividend being declared for shareholders.

Recently, leading investment advisory firm MIA Research praised Primelife as “an entrée into a fast growing sector of the Australian property market”. MIA hailed the recent management changes as a key factor to Primelife’s future.

Recently, on Inside Business Sent said he would “sacrifice almost anything” to make PrimeLife the “greatest and the best”.

Sent indicated on Inside Business that if making PrimeLife the “greatest and the best” he would even sacrifice his job.

“Well, if I’m not suitable then I will be sacrificed. I mean I have a contract and I sincerely hope to be able to live that contract out in good stead and I sincerely hope that the board agrees with me.”

On the same programme de Crespigny said: “We want to go and review the whole of the company – which is, I think, what shareholders want.”

Primelife shares closed $2.65 up 13 cents on the trade of 145,000 shares.