Belmont-based Paladio Group has halted its national expansion plans to re-focuse on WA as former Multiplex director Geoff Allen and BOOM Logistics founder Bill Healy join the board.
Belmont-based Paladio Group has halted its national expansion plans to re-focuse on WA as former Multiplex director Geoff Allen and BOOM Logistics founder Bill Healy join the board.
The company today announced it will concentrate on activities in the mining, oil and gas and infrastructure sectors, particularly in WA where it is currently experiencing strong demand.
"The decision means that, in the immediate future, Paladio will not be pursuing a strategy of building a national engineering group," Paladio said.
As a result, current Queensland-based chairman Dennis O'Neill announced his intention to step down from the board at the end of August while director Peter Wallace has also resigned from the board.
Additionally, Paladio confirmed the appointment of former Nomad Building Solutions chairman Mr Allen and former Sealcorp Holdings director Mr Healy to the board.
The changes come as Paladio forecasts a full year profit of up to $12 million, excluding write downs associated with the collapse of Windimurra Vanadium.
The announcement is below:
In response to current global and national economic conditions, the Board of Paladio Group Limited (Paladio) (ASX:PDO) today announced its decision to change its strategic direction and concentrate activities on the mining, oil and gas, and infrastructure sectors - particularly in Western Australia where the group is currently experiencing strong demand.
The decision means that, in the immediate future, Paladio will not be pursuing a strategy of building a national engineering group.
With a refocus on Western Australia, the current Queensland-based Paladio Chairman, Mr. Dennis O'Neill has announced his intention to step down from the Board at the end of August 2009 when a new Chairman will be appointed.
In addition, Mr. Peter Wallace today stepped down as a Director in order to pursue other interests after serving on the Paladio Board since October 2005. The Paladio Board takes this opportunity to sincerely thank Mr. Wallace for his contribution to the company of the past 4 years.
The Board also wishes to confirm the appointment of two new Directors to the Company, Mr. Geoff Allan and Mr. Bill Healy in line with it strategic refocus.
Mr. Geoff Allen was a former Director of Multiplex Constructions from 1969 to 2003 and has served in various roles during that period as deputy Chairman and Managing Director from 1989 to 2003. Geoff has also served as Chairman of Nomad Building Solutions from the company's listing on the ASX to 2008. Over the past 30 years Geoff has also served in various capacities with the Australian Institute of Building and the Master Builders Association of WA.
Mr. Bill Healy was a director and shareholder in Sealcorp Holdings from 1985 which then established and developed the diversified financial services group. He was a director of ASGARD Capital Management Ltd, Securitor Financial Group Ltd, PACT Investment Group Pty Ltd and ASSIRT Pty Ltd. Sealcorp was acquired by St George Bank in 1997 and Bill remained on the Board until 1999. Bill was founding director and Chairman of BOOM Logistics Ltd, being involved in the development of the business model, early acquisitions and preparation for listing in 2003.
Mr. Victor Kuss, Mr. Robert Franco and Mr. Denis Criddle will remain as Directors of the company. Mr. Victor Kuss will continue in his role as Managing Director and CEO, and Mr. Scott Criddle, currently Managing Director of wholly-owned subsidiary company Decmil Australia, has been appointed as Chief Operating Officer for the Paladio Group.
