He’ll need 30 years of experience to sort them out!
Cannabiz Australia
A debt advisory and corporate finance specialist has joined the board of Cann Group at what chairman Doug Rathbone described as a “critical” time for the company.
Peter Kopanidis, director and owner of Petra Investor Relations and Debt Advisory, brings three decades of experience to the non-executive role at Cann Group.
He has held corporate treasury, finance and investor relations positions with Medibank, Telstra, Treasury Wines Estate and Foster’s Group.
Kopanidis will replace Robert Barnes, who has stepped down after two-and-a-half years on the board.
Rathbone praised Barnes’ “dedication” during a period of “numerous challenges” for the company and said he was “excited” to welcome Kopanidis.
“His extensive experience in debt advisory, corporate finance and investor relations will be invaluable to the company especially at this critical stage and moving forward,” he said.
Cann Group remains heavily in debt, and has restructured its repayment plans with National Australia Bank, its chief lender, to give it a degree of financial breathing space.
As at the end of December, Cann Group owed $65.5m to NAB, more than $50m for a construction loan and $15m for a working capital facility.
The company had $458,000 of funding available, comprising $398,000 of unused finance facilities and $60,000 cash at bank.
Cann Group bolstered its financial position in March through a $750,000 drawdown from a convertible note facility with Obsidian Global.
Debt advisory specialist joins Cann Group board at ‘critical’ stage
