21/06/2010 - 09:48

AACL managing director resigns

21/06/2010 - 09:48

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Agricultural investment company AACL Holdings has announced managing director Andrew McBain has resigned amid questions about the company's financial viability.

AACL managing director resigns

Agricultural investment company AACL Holdings has announced managing director Andrew McBain has resigned amid questions about the company's financial viability.

Mr McBain's resignation comes one week after AACL announced that negotiations with CBH Grain over a crucial $50 million wholesale funding deal had gone awry.

AACL and CBH are continuing to negotiate over the funding and AACL is also negotiating with other grain producers over funding.

Today, AACL responded to an ASX inquiry concerning the company's level of operation and its financial condition.

AACL said it did have sufficient cash to meet its debts and that it was it was meeting its business objectives other than wholesale funding.

It said that its financial position was appropriate for listing on the ASX.

The chairman of AACL, Peter McEwen said today Mr McBain's resignation was received and became effective at the close of business on Friday.

He said Mr McBain had been the key driver and developer of the AACL business and its flagship product Grain Co-Production, which involves AACL arranging investors to co-fund grain production with farmers.

The company has appointed AACL director Mr Michael Shields as acting Chief Executive Officer.

In a statement AACL said Mr Shields is a leading Western Australian farmer with significant interests in a number of large scale agricultural enterprises in the production of grain and hay for export.

 

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