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

Friday 9th September 2016

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

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