Agriterra Ltd Senior Management & Board Changes (9294B)
January 15 2018 - 11:39AM
UK Regulatory
TIDMAGTA
RNS Number : 9294B
Agriterra Ltd
15 January 2018
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector:
Agriculture
Agriterra Ltd ('Agriterra' or the 'Company')
Corporate Update and Senior Management and Board Changes
Following its announcement of 9 November 2017, Agriterra, the
AIM listed African agricultural company, announces that it has
appointed Mr Adelino Fernandes as Group Finance Director
(non-board) with effect from 15 January 2018. Mr Fernandes will
oversee all operational accounting and finance functions, reporting
directly to the Board, and will be based in Chimoio, Mozambique,
the Company's main operational centre.
Mr Brendan Scott, who recently assumed the position of interim
Chief Executive Officer, will be stepping down from this position
and as a director with effect from the end of February 2018 to take
up a permanent position elsewhere.
Mr George Naude, the Company's long-standing Chief Operating
Officer (Mozambique), will assume additional responsibilities to
ensure the continued operation of the Company's businesses thereby
supporting the Company's growth strategy which is focussed on
expanding core businesses and developing complementary agricultural
and food production businesses in Mozambique.
Ms Caroline Havers, will continue to steer the Company's
corporate and commercial strategy from London in the new role of
Executive Chair whilst the Board evaluates the need for additional
executive appointments to further strengthen the Company's core
management team.
Ms Havers, Executive Chair of Agriterra said, "I am delighted to
welcome Adelino to the Agriterra team and I am confident that his
experience, and presence on the ground at our operations in
Mozambique, will support our focused growth strategy which is aimed
at building Agriterra into a leading food producer in southern and
East Africa.
"I would also like to thank Brendan for his contribution in the
evolving Agriterra story and wish him the best in his new
position.
"In terms of our ongoing strategy, the focus of Agriterra will
be on profitability, driven by aggressive cost cutting in corporate
overheads and increased revenue generation in the maize meal and
beef business. The business will be right-sized in its current
operating environment before it can embark on any new projects. We
believe that a leaner, meaner, focussed management team driven by
the Board to generate cash and profits in 2018 will have a positive
effect.
"Separately, an analysis has been commissioned and conducted by
specialist third party consultants to determine crop suitability
options on each of our farms. When this analysis has been completed
the results will be reviewed and will assist us in developing a
medium term strategy to capitalise, capacitate and monetise
underutilised assets in order to contribute to the business of
Agriterra."
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
** ENDS **
For further information please visit www.agriterra-ltd.com or
contact:
Caroline Havers Agriterra Ltd Tel: +44 (0) 20
7408 9200
David Foreman Cantor Fitzgerald Tel: +44 (0) 20
Europe 7894 7000
Susie Geliher St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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