By Ian Reynolds-Young
SnackTime has announced today that Mark Stone, CEO, (pictured above), has decided to leave the Company for personal reasons. Mark will remain on the Board until the end of April 2016 and will continue to oversee the activities of Snack in the Box and Drinkmaster. Sergei Kornienko, a non-executive Director, will take over responsibility for the group’s two vending companies with immediate effect while a search is made for a replacement full-time CEO.
Further to the Company’s announcement of 25 September 2015, Tim James, CFO, has resigned and will leave the Board today, with his responsibilities being taken on by Michael Maltby ACA, who has been working with the Company on a consulting contract since May of this year. Michael will continue as a consultant in his new role as Interim CFO.
The Company’s previously announced intentions to refinance through an equity issue and reconstruction of its balance sheet debt are progressing, and further announcements will be made in due course, as appropriate. It is planned that this refinancing will be combined with a rescheduling of the bank’s loan repayments. The finalising of the accounts for the year to March 31st 2015 are subject to the completion of the refinancing exercise, until which time trading in the Company’s shares will remain suspended.
Chairman, Jeremy Hamer commented: “I wish to thank both Mark and Tim for their respective contributions to SnackTime. While progress is being made in many areas, the conclusion of the refinancing negotiations is fundamental to the future of our Group.”
