Ann: FNP Management Announcement, page-43

https://www.afr. com/street-talk/freedom-foods-stock-tanks-as-ceo-goes-on-leave-20200624-p555nf

Freedom Foods stock tanks as CEO goes 'on leave'


Sarah Thompson, Anthony Macdonald and Tim Boyd
Jun 24, 2020 – 11.55am



There's something amiss at listed cereals, snacks and dairy company Freedom Foods and investors aren't sticking around to find out what it is.

Fundies were left scratching their heads on Wednesday morning when Freedom announced its chief executive Rory Macleod was "on leave pending a further announcement", the day after its chief financial officer Campbell Nicholas resigned.

Freedom stock was torched in early trade on the news, with its shares plunging more than 16 per cent by mid morning, to $2.95.

A spokesman for the company told Street Talk the company was making no further comment to its ASX announcements.

In its Wednesday announcement, Freedom said Macleod's leave was "pending a further announcement that is expected to be made early next week".

Fund manager sources said Freedom's management was well liked and well known in the market.
The company is majority owned by the Perich Family – who hold multiple seats on its board – and fundies relied on the CEO to look out for minority interests.

The news comes a bit more than 12 months after Freedom raised $130 million in fresh funds at more than 1½ times Wednesday's share price. That deal was done at $4.80, with the help of UBS and Veritas Securities.