After a heated meeting last week, a bid to place Ocho into voluntary liquidation failed — with the 70.69% of voters in favour of the resolution falling short of the required 75% to pass it.
The incumbent board said they saw this result as a vote of no confidence and resigned from their positions.
In a communication to shareholders this week, the board said seven nominations had been received for the three vacant director positions.
They were John Curtis, Clayton Ellis, Scott Muir, Jim O’Malley, Isabelle Prosser, James West and Andrew Wilken.
Shareholders have until July 30 to cast their vote.
In a nomination statement, former director and chairman Dr O’Malley said a new board needed to be formed "immediately" but it was "impossible" for shareholders to make a considered decision.
Some people, such as rural shareholders, had been unable to get their nominee and seconder signatures and were thus excluded from the process, he said.
Dr O’Malley proposed formation of an interim board for three months which would provide day-to-day governance, but with the primary activity of setting up the conditions for "optimal governance" and establishing the appointment of a permanent board "in a timeframe that is appropriate for the seriousness of the decision".
"I ask that you appoint me to that board and, if elected, I will request the board pass a resolution to prepare and execute the process for a selection of a new board and have that process completed within three months in time for the AGM."
Dr O’Malley said he had also asked Scott Muir to put his name forward — another former director of the company — and asked shareholders to vote for him as well.
The third director would be up to the shareholders to choose.
In his statement, Mr Muir said it was his firm belief that Ocho was more than a business, "it’s a movement".
His intention was to assist the company until it regained stability, at which point he would step aside, he said.
