Advantage reshuffles directors

By Deborah Hill Cone

Friday 16th November 2001

Listed technology firm Advantage Group yesterday announced it had appointed Peter Taylor to the board, as it continues to try to shake off its image as an "Eric Watson" company.

There are now three independent directors, Nick Gordon, David Wolfenden and Mr Taylor, as well as executive director Tony Bradley, chairman Evan Christian and his alternate Paul Connell.

Former Advantage chief executive Greg Cross, who was going to stay on as a director after leaving the management job in June, did not end up doing so; he is now spending most of his time in Singapore.

Christchurch-based Peter Taylor is an accountant and former Ernst & Young partner with a strong commercial background. He is chairman of the Canterbury branch of the Institute of Directors and holds a number of directorships including Tait Electronics and Christchurch City Holdings.

"This appointment further strengthens the corporate governance of the group, a project I undertook in the interests of all shareholders at the last annual meeting," Mr Christian wrote in a letter to shareholders yesterday.

Advantage used to be closely linked to cornerstone 18% investor Eric Watson and his money-spending acquisition strategy but has taken a change of direction under Mr Bradley's leadership.

And although Mr Christian has been linked with Mr Watson's Cullen Investments, he does not represent it on the Advantage board.

Advantage, which in August announced a $65.9 million loss for the year to June, holds its annual meeting next Friday. In the previous year Advantage made a $3 million profit but the company said its poor result this year was due to restructuring, other provisions and $60.3 million of goodwill writeoffs.

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