Stockford co-founder to leave group
Financial Services consolidatorStockfordwill soon be on the hunt for a new director, following its co-founder and director Ian Davidson refusing to run for re-election next month.
Davidson says he will not offer himself for re-election as a director at the company's annual general meeting next month. As a result his term as director will end with the group at the end of the meeting on October 22. Davidson will remain a significant shareholder of the group.
Stockford chairman Merran Kelsall says director Ian Davidson had made a unique contribution to the establishment and growth of Stockford.
Davidson’s subsequent departure from Stockford only adds to its woes, as earlier this month the group released its half year forecast.
It is understood that for the year to June 30, 2001 Stockford has lost $5.73 million, a result well below its forecast profit of $7.5 million, after operating revenue reached $75.41 million.
In July earlier this year, Stockford financial planners who traded their businesses for shares in Stockford may have lost up to half the value of their business when the group’s share price collapsed.
Shares plunged 42 per cent to $0.84, knocking $132 million off its market capitalisation after it circulated its second profit downgrade in two months.
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