PROFESSIONAL EDITION

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ASB MAGAZINE: Here’s another we’ve been sitting on awhile when rumours first surfaced that SurfStitch CEO Mike Sonand was set to exit the company before December 31st. Today, the Administrators of SurfStitch Group Limited, John Park, Quentin Olde and Joseph Hansell of FTI Consulting, officially announced that from Friday 22 December 2017, Mike Sonand will cease his role as the Chief Executive Officer of the SurfStitch Group.

SurfStitch Group Limited is currently in voluntary administration and trading in SRF shares is currently suspended. Accordingly, no replacement appointment for Chief Executive Officer will occur at this time. Depending on the outcome of the Administration, a new or interim Chief Executive Officer may be appointed in due course.

In the interim, the management team at SurfStitch, supported by the Administrators, will continue to lead and manage the business’ Australian operational teams .

The Administrators would like to thank Mr Sonand for his assistance and support throughout the Administration . Mr Sonand will continue as a Director of Surfstitch Group Limited and other subsidiaries within the Group .

The Administrators confirm the SurfStitch operating subsidiari es are continuing to trade in line with expectations since the date of their appointment and during the current Christmas period.

In related SurfStitch news, the Administrators filed have filed an application in The Supreme Court of New South Wales to further extend the convening period. Justice Black has made orders to extend the convening period to 31 March 2018 . The effect of the orders is that the Second Meetings of Creditors of SGL and SHPL (SurfStitch) can be held at any date up to 9 April 2018 by providing creditors with at least five (5) business days’ notice.

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VIA PRESS RELEASE photo AFR. Outgoing CEO, Mike Sonad (left) and Chairmen Sam Wise (right)