Allied Farmers managing director Rob Alloway will be stepping
down from his current role in December.
The board announced today Mr Alloway had given notice to
allow a timely search for a new chief executive and a
measured handover of the business.
He said the time was right to step down from the "hands-on,
day-today role" of running the business as the restructure
process which began about a year ago was nearing completion.
"With the restructuring process now coming to an end, and
several asset realisations likely in the short term, the
company will be in a different position in December when I
step down," he said.
"My key goal was to establish a more stable financial
platform and normalise the company's banking and other
commercial arrangements."
He said the process is expected to be completed in the next
few weeks leaving the business with "substantially" reduced
senior debt.
The company said on August 25 it had a senior debt totalling
about $16.9 million, consisting of a multi-option credit
facility of $14.4m, and an overdraft of $2.5m.
Allied Farmers said it needed to renegotiate with its bank
Westpac due to receivership of its Allied Nationwide Finance
(ANF). That company collapsed in August owing $130 million to
investors.
Last week, Allied Farmers was unable to provide its unaudited
full year results to NZX.
Its chairman, John Loughlin, resigned last week.
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