Plant Impact's FD off, Arysta deal rejigged
Less than three weeks after denying rumours that Chief Financial Officer Michael Panteli was about to sling his hook Plant Impact announced that the crop productivity firm's chief bean counter has resigned with immediate effect.
Less than three weeks after denying rumours that Chief Financial Officer Michael Panteli was about to sling his hook Plant Impact announced that the crop productivity firm's chief bean counter has resigned with immediate effect.
Robert Stafford has joined the company as interim Financial Director with immediate effect, but will not join the board. Stafford currently serves as Managing Director of Stafford & Co. Chartered Accountants, a financial and accounts advisory firm based in the Manchester region. Plant Impact is looking for a permanent replacement for Panteli.
Meanwhile, the company's flagship partner, Japanese agricultural chemicals giant Arysta LifeScience, has agreed to amend the terms of the agreement between the two companies over the exclusive worldwide licence to manufacture and sell BugOil, Plant Impact's ecologically friendly insect and mite repellent.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The value of the remaining regulatory milestone payments potentially due to Plant Impact has been reduced in return for extending the repayment date for the £750,000 development loan from Arysta to 31 May 2013.
The Plant Impact board believes that these amendments improve the financial position and cash flow outlook of the company and are likely to be neutral to the current carrying value of BugOil on the balance sheet.
Shares in Plant Impact rose a quarter of a penny to 17.25p on news of the revised agreement with Arysta.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Do you qualify for the Winter Fuel Payment if you live abroad?
The Winter Fuel Payment will be means tested for expats living in Europe, in line with the new rules impacting those in the UK. But a quirk in the system means not all countries are eligible.
By Katie Williams Published
-
What the Employment Rights Bill means for your job
New workplace reforms are set to give employees new rights to benefits and flexible working
By Marc Shoffman Published