Rivkin's sons retire from RFS board July 3, 2004 - 10:30AM
Page Tools Email to a friend Printer format The sons of disgraced stockbroker Rene Rivkin have retired from the board of the company their father founded as the company announces a change in strategy and name.
In a statement issued on Friday night under the name of its recently appointed managing director Andrew Davis, Rivkin Financial Services (RFS) said Jordan and Shannon Rivkin had retired from the RFS board, along with another director, David Croll.
Two new directors join the RFS board - Lawrence Chartres and Anthony Lister.
Mr Chartres replaces Jordan Rivkin as RFS chairman.
RFS also detailed an agreement signed with outdoor media company Network Ltd under which RFS has subscribed for 10 million shares in Network Ltd for a consideration of $1 million cash and five million RFS shares.
In another agreement, RFS has also purchased 3.5 million Network Ltd shares from Cole Kablow Superannuation Ltd in return for 3.34 RFS shares.
RFS said it now holds 16.4 per cent of Network Ltd and said it "proposes to refine its share trading activities from to (sic) a more measured investment approach including the taking of positions in companies where it will be able to assist in their development similar to the investment in Network Ltd".
Advertisement Advertisement "The company will still as appropriate take short term positions in the stock market.
"The company proposes to change the name of the group and the group's stockbroking subsidiary at an appropriate time."
The stockbroking subsidiary is called Rivkin Discount Stockbroking.
Mr Davis became managing director and chief executive officer of RFS last week after companies associated with him bought out Rene Rivkin's 7.9 per cent stake in RFS for $1.6 million.
Jordan Rivkin said at the time of the appointment he would be working closely with Mr Davis to add value for the company's shareholders.
Rene Rivkin stepped down as a director and chairman of RFS in May 2003 when he was sentenced to weekend detention for nine months and fined $30,000 after being found guilty of insider trading.
Mr Chartres, 51, was described as a qualified chartered accountant with experience in stockbroking, property development and the gaming and leisure industry.
Mr Lister, 69, was described as the founder of the City Automobile Holdings Group and as having more than 45 years experience in the motor industry.
RFS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
