Pacific Smiles Group (ASX:PSQ) said it plans to revamp its board after Genesis Capital's stake reached around 59.2%, according to a Friday filing with the Australian bourse.
Chair Giselle Collins, as well as two non-executive directors, will step down by the next board meeting on Dec. 16.
The company plans to appoint Genesis Capital nominees Michael Caristo, Chris Yoo, and Tara Hariharan as independent directors, with Caristo as the chair, the filing said.
In a separate filing, the company said Genesis Capital extended its takeover offer to Dec. 12 from Nov. 28 previously. The offer period may be further extended, given that the private equity firm now has more than 50% voting power, per the filing.
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