NZ Windfarms (NZX:NWF)announces management changes and new strategy

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NZ Windfarms (NZX:NWF)announces management changes and new strategy

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 NZ Windfarms (NZX:NWF)announces management changes and new strategy
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Highlights

  • NWF announces new management changes post results declaration.
  • Moving towards a more sustainable approach, the Company offers a new plan of action.
  • Interim Director to hold the position from October till a replacement is found.

In a recent announcement, NZ Windfarms Limited (NZX:NWF) disclosed a number of upcoming changes in the management team This comes after the announcement made on Monday about repowering the windfarm situated in Te Rere Hau, besides making more conscious green efforts towards leading the Company to a sustainable future.

Image source: © 2021 Kalkine Media New Zealand Ltd

Image Description: Dividend declared by NZ Windfarms in FY21

In the annual shareholders’ meeting to be held in October, John Southworth, the Chair and Director, shall step down from his position. Christine Spring shall be appointed Interim Chair for the Company during the process of recruiting the new independent chair if all shareholders agree to do so in the ASM.

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Word from the Chair

John Southworth was of the view that after having spent 5 years with the Company, he was proud of how it had progressed over the span of time. Right from establishing the VVFPA structure to being able to give out regular dividends through operational earnings, the Company had come a long way.

Thanking the team for its support in the process, he further said the Company was in the stage of evolution, where he believed that his skills would be more useful in capital projects than in turnaround. He further said he believed that the search for his replacement should find similar skill sets as that of Christine who should take on the role in the interim period.

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Interim role

Christine Spring thanked John on behalf of the board for his commitment and leadership towards the company in the past 5 years of his association. The success garnered by the Company in the duration has meant it can now focus on a new strategy for the optimisation of the use of green energy.

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Annual Results

In the FY21 annual results given out by the Company on 30 August 2021, the Net Electricity revenue was the second highest, standing at NZ$9.7 million, while the Profit before tax was NZ$0.5 million and the second-highest operating cashflow was NZ$4.9 million.

Bottom Line

The Company is on the road to the development of sustainable operations and the new team and efforts are synchronised towards achieving these goals.

On 2 September 2021, the Company traded at NZ$0.270 flat at the time of writing.

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