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On 03 December 2018, an announcement was made by the board of members that the group CEO of the company Mr. Richard Hinson is going to resign from the post. He was leading this position since January 2018. This announcement was made as per the recent annual general meeting of Retail Food Group Limited (ASX:RFG) for the sake of major restructuring at the organization.Â
The purpose of the restructuring is to reduce the cost of the company and divert their attention to become the most agile and focused customer company. The other plans of the company are to improve the performance and sustainability of the company by decentralizing the management team towards concentrate resources near to the franchisees.
Another attention will be given towards the brand promotion, product innovation and superior service. For this, the company will have a major focus towards providing service to the franchise and non-franchise customers using these strategies.
The board of members and the executive Chairman of RFG, Mr. Peter George thanks Mr. Hinson for his valuable contribution towards the organization. Under his leadership, the companyâs relationship with its franchisee had improved. Also, the business was stable under his leadership which also led to performance improvement.
Meanwhile, this position of CEO will be taken over by Mr. George for the Group.
The company is a consistent negative performer. Since its inception until the last three months, the performance remains negative. Since its inception, the performance of the company is -62.50%. In the ten years duration of the company, the performance of the company is -64.16%. The performance of the company in the five years duration was -90.97%. Since last year, the performance of the company is -90.97%. Since last month, the performance of the company is positive which is 9.59%.
For the year ended 30 June 2018, the company made a net loss of $306,693. The total asset of the company is $600,510 and total liabilities of the company is $442,470 which indicates that the company is in a position to clear its long-term obligations. The total current asset of the company is $130,448 and total current liabilities of the company is $361,751 which indicates that the company is not in a position to meet its short-term liabilities and also the net working capital. The total shareholderâs equity is worth $158,040.
From the operating activities of the company, the net cash inflow was $10,844. Here, the major source of cash outflow was due to the payment made to suppliers and employees as well as the income tax.
From the investing activities of the company, the net cash outflow was $21,683. Here, the major source of cash outflow was due to the payment made for property, plant, and equipment.
From the financing activities of the company, the net cash inflow was $17,127. Here, the major source of cash outflow was due to the repayment of the borrowings and the company also paid the dividend.
By the end of the period, the net cash available with the company is $15,871. After the announcement, there was a fall in the share price by 6.25% which is equivalent to 0.025 points on 04 December 2018 (1:50 PM AEST). This price is near to 52 weeks low price. The current market price of the share is A$0.375 with the market capitalization of A$73.1 million.
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