Sharechat Logo

Seadragon restructures CFO Bayley out of job in favour of 'virtual CFO'

Friday 9th September 2016

Text too small?

Seadragon's chief financial officer, Stephen Bayley, is to leave after the fish oil refiner disestablished his role.

The company has decided to restructure its financial and general administration operations, it said in a statement to the NZX, 

"A newly created role of commercial manager will lead key support functions of human resources, information technology, logistics co-ordination and finance, supported by a ‘virtual’ CFO as needed," Seadragon said. "The company is grateful to Stephen for his contribution, and wishes him well for the future."

Last month, Seadragon's shareholders overwhelmingly voted in favour of funding arrangements with Comvita that will result in the manuka honey company becoming its biggest investor with as much as 36.5 percent of the company.

The arrangements gave Seadragon access to up to $3 million at a time when it is cash strapped and not well placed to increase its borrowing from its main lender Heartland Bank, and independent evaluation said.

The shares last traded at 1.1 cents, up 10 percent today and down 19.6 percent this year.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report