Allied Farmers managing director Rob Alloway will remain at the troubled company until June 2011 – six months longer than his intended December departure.The news came as more than 100 shareholders gathered at the company's annual meeting in Hawera.
Allied Farmers managing director Rob Alloway will remain at the troubled company until June 2011 – six months longer than his intended December departure.
The news came as more than 100 shareholders gathered at the company's annual meeting in Hawera.
Mr Alloway told the meeting mistakes had been made, which he and the board acknowledged. He said he would do some things differently if starting over but as that was not possible, things just had to carry on.
Allied Farmers would continue to require "significant" restructuring to reduce debt and arrest declining asset values, revenues and profitability, he said.
Divestment of non-core assets would continue through 2011/12 with a particular focus on Allied Farmers' core rural services business and a recognition of "cost to hold."
Further consolidation here was imminent with Allied Farmers hoping to lead the way, he said.
Debt reduction would continue with the target of less than $30 million by June 30 2011. Property debt would be restructured to reduce or eliminate servicing costs.
