Agromino A/S resolves on organizational changes and retains investigator
• Changes in the executive board
• Tallinn office is closed down
• Internal investigations initiated
Agromino A/S announces that the Board of Directors has appointed Petr Toman as member of the Executive Board and CEO with immediate effect, replacing Simon Boughton
Petr Toman has 24 years of experience of working in different management roles and in M&A advisory services. Mr. Toman has a strong background in agribusiness. In 2014 he co-founded and started to manage agriholding company Resilient, which operates on 9000 hectares in Ukraine. Mr. Toman’s current positions include being the CEO of Resilient Group and CEO of Czech investment fund Mabon investiční fond s proměnným základním kapitálem a.s. Mr. Toman was born in 1973 and holds an MSc from the University of Economics, Prague.
The Board of Directors has decided to close down the office in Tallinn with immediate effect. All eight employees in the Tallinn office have been given notice of termination of employment. The tasks performed by the Tallinn office up to now, which mainly consist of administrative services, will onwards be performed by the Kiev office in the Ukraine. The move is expected to improve organizational efficiency.
An internal investigation has been initiated based on indications that certain assets may have been divested on terms not viable from a commercial point of view, resulting in the company not receiving the full benefit from the transactions. The transactions in question were described in press releases 29 January and 22 February 2018. An internationally renowned forensic firm has been retained to conduct the investigation, which specifically relates to advisory contracts, sales of subsidiaries and other assets. Several unclear circumstances remain to be investigated, but according to initial indications, the company may have received up to USD 5 million less than it should have received if the transactions had been made on commercially viable terms. Agromino will inform the market of the conclusion of the investigation if prompted by circumstances or when it is closed.
We are farmers and agribusiness managers, with operations in Ukraine, Russia and Estonia. Agromino A/S shares are traded on the main market of Nasdaq Stockholm.
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This information is information that Agromino A/S is obliged to make public pursuant to the EU Market Abuse Regulation, article 17. The information was submitted for publication, through the agency of Petr Krogman set out above, at 16:15 CET on 27 March 2018.