then-CFO Campbell Nicholas, and former chief executive Rory Macleod. Two other board members, chairman Perry Gunner and non-executive director Trevor Allen, also announced plans to retire in early 2021, amid the ASIC investigations over inaccurate financial results and other revelations.
About 12 months later, the company is looking to leave its rocky past behind, as it sheds its name which has been scarred by its past conduct. The company held its AGM on Thursday (18 Nov), during which its shareholders voted in favour of its new name, noumi Ltd.
“We believe this new name represents a fresh start for your company – a clean break with the challenges of the past 18 months for a leading Australian producer of dairy and plant-based beverages, nutritional products and ingredients with a bright future ahead of it,” the company’s new chairman Genevieve Gregor told shareholders.
Following its 2020 disaster, the food and beverage company had its entire senior leadership replaced. nd after a nine-month trading hiatus, Freedom Foods’ stocks resumed trading in late March, when its value plunged by a whopping 82 per cent. Subsequently, in May, the company completed its $265 million recapitalisation, with the support of its key shareholder, the Perich family.
During the recent AGM, chief executive Michael Perich claimed that the softer first quarter numbers were a result of the challenges brought about by the pandemic, including travel restrictions and shipping delays. Accordingly, he expressed his optimism for the months ahead, as the economy continues to recover from the global health crisis. “While we expect the uncertainty to linger for some time, as COVID-19 conditions ease and the world returns to a sense of normality, we know we will be exceptionally well-placed to take advantage of the long-term trends in our industry,” he said.
