See below for FORM 4B
Results to be finalised prior to AGM in June 2020.
NGIP AGMARK LIMITED ANNOUNCES JOHN NIGHTINGALE IS ON EXTENDED MEDICAL LEAVE & STEVEN NIGHTINGALE IS APPOINTED AS CHIEF OPERATING OFFICER
As of 16th November 2019, Managing Director John Nightingale is on extended medical leave until February 2020. John is ill and has been hospitalized and having treatment in Australia.
Steven Nightingale has been appointed as Chief Operating Officer (COO) by the NGIP Agmark Ltd Board and he takes up the role today. Mr Steven Nightingale has comprehensive knowledge of the company, as well as experience as General Manager in Rabtrans, Agmark Shipping and recently serving as a director on the board.
The COO role has inherited all responsibilities and authority encompassed from the role of Managing Director.
Please direct all queries to Mr Steven Nightingale from today.
Please see attachement for more details.
The focus of 2018 was to have:
- A balanced workforce with leaner back office support structures and a strengthening front-end sales force that is ready to capitalize on the opportunities that will arise as demand improves
- A motivation to reduce debt in the balance sheet with aim to generate long term savings
- An ongoing focus on cost control
- Proactive strategies in place to improve business performance
- Reduce debt in the balance sheet by selling assets to offset our loan to the banks to generate favourable savings in annual interest payments to the bank.
These focuses and plans resulted in driving 2019 admin costs down by K308k against 2018 year to date.
In regards to cocoa, it is becoming prominent there is a decrease in cocoa production in all parts of Papua New Guinea due to weather, which may also have an affect on the quality of the bean. What we have discovered that the conversion rate of wet bean to dry bean has reduced from 33% to 27%. Meaning that instead of 100kg of wet bean producing 33kg of dry bean, we are now producing 27kg of dry bean. An 18% decrease in quantity.
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