On December 13, 2018, Elders Limited (ASX: ELD) has issued a press release which covers the viewpoints of the company’s management. Overall, the press release largely focused towards the changes which have been done in the management. Mr. Hutch Ranck stated that after the annual general meeting or AGM, he would be retiring from his designation of Board’s Director as well as Chairman. He also stated that post his retirement, Mr. Michael Carroll (Non-Executive Director), would be taking the charge as well as roles and responsibilities of the Chairman. However, Mr. Michael Carroll needs to be selected as director in the annual general meeting. The statements from Mr. Hutch Ranck also reflected positive views as well as the confidence he has on the directors of the company. He stated that the company’s directors have the required experiences as well as skills which would be supporting the company in achieving the growth prospects moving forward.
The press release issued by the company also stated that the Board of Elders Limited has witnessed 2 new non-executive directors. In the month of November 2017, Diana Eilert was placed at the designation of Non-Executive Director and in the previous Annual General Meeting, was also selected by the shareholders of the company. The press release stated that the addition of Diana Eilert was beneficial because of her strong experience largely in the space of retailing, technologies as well as real estate.
In the month of September 2018, Mr. Michael Carroll was also taken on the board of the company. The addition of Michael Carroll would also be beneficial for the company because he happens to have the strong experience of the industry. With the help of his strong experience, the company can make significant progress in the growth path. Mr. Ranck also stated that the skills as well as capabilities which are being possessed by the two additions would support the long-term growth prospects of the company. He also added the new additions completely serve the purpose of the company, which is to have strong board so that the company can reap the benefits of the growth opportunities which might arise in the future.
Earlier, Elders Limited reported their results for the full year of 2018 and, as per the results presentation, the company’s EBITDA or earnings before interest, tax, depreciation and amortization (underlying) stood at $79 million. However, in the same period, the company posted earnings before interest and tax or EBIT (underlying) amounting to $74.6 million which implies an increase of $3.6 million on the YoY basis.
Let us have a look at how the stock has been performing today. As we wrote, the stock price of Elders Limited witnessed strong momentum and traded at A$6.99 per share which implies an increase of A$0.400 per share or 6.07%. The market capitalisation of Elders Limited stood at $768.89 million. The annual dividend yield of Elders Limited stood at 2.73%. Over the past one month, the stock has delivered -25.70% return.
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