Nick Karantzis has resigned as
a director of the DCL Board and Richard Szental has been appointed, keeping the board numbers at three members.

Karantzis stepped down “in order to focus on the forthcoming
management buy out of the company’s subsidiary, Commcord
Communications Pty Ltd.”

DCL issued a statement thanking him for his efforts as
director and wishing him future success.

DCL is “looking forward to
completing the divestment of Commcord Communications, under the terms
announced previously.”

New board member Richard Szental is a practising solicitor with experience in commercial law
and corporate compliance.

A statement says the appointment “will provide the board with
valuable expertise in these areas and will support the current
initiatives that are designed to restore stability and create a solid
foundation for the development of future strategy.”

The management buyout of the Commcord subsidiary (announced last week) will generate an important cash injection into the company, which, along with the line of credit announced earlier in the week, will allow it to be able to assure the Stock Exchange (for the present) that it is still able to trade without being insolvent.

The company recently used some of the newly found money to pay $233,000 to the Tax Office “in settlement of past withholdings due to the ATO.”

DCL shares traded today at 7.5 cents (down 1.32%) on a volume of 233,000 shares.

The role of Southern Cross Broadcasting, which owns nearly 15% of the company’s shares, in last week’s extraordinary general meeting’s outcome may come under the gaze of the ABA if Southern Cross (which already owns two radio stations in Melbourne) is believed to have exercised an element of control over the licence.