Little World Beverages Ltd is preparing for a national recruitment campaign to secure a new chief executive for Little Creatures.
Little World Beverages Ltd is preparing for a national recruitment campaign to secure a new chief executive for Little Creatures.
The move comes amid reports its relationship with founding shareholder Lion Nathan Ltd has become strained, following revelations last month the brewing giant had spent the past year increasing its stake in the boutique brewer to almost 40 per cent.
Little World director Howard Cearns said Little Creatures would soon advertise nationally for a new chief executive following the departure last month of Jason Marinko.
Mr Cearns said the brewer was in no rush to secure a new executive but the group would advertise the position in a bid to secure “Mr or Mrs wonderful”.
“We are being patient because we want to find the right person,” Mr Cearns said.
“We are heading into our busiest time but we have a strong management team. In some respects they have their own plans in place.”
One of the founders of Little Creatures, Mr Cearns said he was unaware that Lion Nathan intended to buy additional shares in the company until the brewer lodged its change of substantial shareholder notice with the Australian Securities Exchange on August 3.
Lion Nathan spent more than a year increasing its stake in Little World by 3.9 per cent to 37.8 per cent.
Lion Nathan chief financial officer Jamie Tomlinson has been a director of Little Creatures since its inception, and remains on the company’s board.
An industry source told WA Business News that Little Creatures’ relationship with Lion Nathan had been strained since it was revealed Lion Nathan had increased its stake.
Lion Nathan is required to notify the stock exchange of a change in its shareholding if it changes by more than 1 per cent.
It increased its holding by 0.9 per cent between June and August last year via 29 separate transactions in the tightly held stock, before securing 1.75 million shares for $2.9 million after Little Creatures Sydney-based founding shareholder, John Atkinson, sold down his stake.
Mr Atkinson now owns 1.6 million shares.
Lion Nathan is restricted to increasing its stake by 3 per cent every six months or it must launch a takeover bid for the company.
A Lion Nathan spokesman told WA Business News the brewer was simply “content to remain a significant shareholder” and that it had “every confidence in the existing management”.
