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Alterra Limited (ASX:1AG), a company from the industrial sector which is into the business of Agri-Forestry and dairy operations in Australia, announced the appointment of a new managing director for its Agribusiness expansion. Mr. Oliver Barnes will be taking up the position of Executive director from 11 January 2019. On completion of the notice period, he will join as the managing director of the company by 2 April 2019.
Mr. Andrew McBain will remain to be in his existing position of Managing director till his place is taken over by Mr. Oliver Barnes. After the appointment of Mr. Oliver Barnes as the managing director, Mr. Andrew McBain will join the position of the executive director and will also be a part of the executive team.
At present, the company is heading towards the agribusiness growth strategies, and it believes that appointment of Mr. Oliver Barnes, who is bringing an extensive experience in greenfield project development and institutional agricultural investment will help in enhancing the capabilities of the existing executive team of the company.
From 2015, Mr. Oliver Barnes was the Chief Operating Officer of the privately?owned WA Sandalwood Plantations where he was in charge for managing relationships with the key institutional asset owner, implementation of the enterprise resource planning systems and increasing the productivity gain across 13,000 hectares of sandalwood in the Central Wheatbelt of Western Australia. He was also a part of Dutjahn Sandalwood Oils that deals in sandalwood oil to the fine fragrance industry.
Mr. Barnes is associated with a wide range of agricultural development initiatives executed in Australia, Sub?Saharan Africa, and Eastern Europe; and has developed a balanced skill set of commercial, technical and financial expertise. With these skill sets coming on table, the company seeks to capitalize on the opportunities in its agribusiness expansion.
The remuneration of Mr. Barnes includes his base salary of $230,000 per annum with a short-term incentive of 25% of the basic salary which will depend on the key performance indicator. He will also be eligible for the long-term incentive plan where he will be eligible for participation in the ESOP.
In case of guilty for the breach of contract or any misconduct, a clause of termination may come into force. In another situation, he needs to serve a notice of 6 months, or he requires to pay instead of appropriate notice in case of termination.
Late last year, Alterra Limited confirmed to demerge its carbon business as Carbon Conscious Investment Ltd., and has otherwise looked attractive to the market. However, there have been some concerns erupting on the benefits though from this strategic move. Also, it might be possible that the shareholders and investorsâ expectations after the demerger and post the appointment of Mr. Barnes are not falling in sync given the current scenario.
At present, the market price of the share is A$0.029 with the market capitalization of A$5.61 million. The key thing to note is that the stock has fallen by about 23.68% as at 3PM, AEST on January 9, 2019.
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