Bapcor appoints new Hellaby board
A boardroom shake-up at Hellaby Holdings was announced on Monday following a takeover by Australian car firm Bapcor Finance. Three directors have resigned effective immediately – Mark Cowsill, Gary Mollard and James Sclater. Steve Smith and Paul Byrnes have agreed to remain as independent directors until the takeover offer concludes, and Alan Clarke will stay on as managing director and CEO while the company transfers ownership to Bapcor. Outgoing chairman Steve Smith said in a press release that he “would like to recognise and thank the retiring directors for their considerable effort and commitment to Hellaby over a number of years, during which Hellaby improved its trading performance, modified its strategy and portfolio of businesses, and added considerable value for Hellaby shareholders.” Bapcor has nominated four new directors to the Hellaby Board. Darryl Abotomey, managing director and CEO of Bapcor Limited, has been appointed chairman of the board. Other appointees are Bapcor CFO Gregory Fox, Bapcor general manager for strategic business development, Matthew Cooper, and independent director Margaret Haseltine. The changes follow Bapcor becoming the majority shareholder in Hellaby Holdings. After receiving acceptances for more than 50% of the shares on issue in Hellaby, Bapcor declared its takeover offer unconditional. Hellaby’s independent directors have advised that shareholders accept the offer after initial rejection, and all Hellaby directors and senior management also now intend to accept the bid. The offer date has been extended until February 7, and Bapcor have now received acceptances for 78.4 per cent of Hellaby’s shares. According to the National Business Review, Bapcor has said it plans to sell Hellaby's equipment, resources and footwear businesses and use the remaining automotive division to enter New Zealand market, which has been making year-on-year sales records. Hellaby shares last traded at $3.58, while Bapcor's stock on the ASX fell slightly on Monday to $(AU)5.47.
