Debco Restructures - announcement

Patrick Kasso announced a restructuring of the capital base of Debco Pty Ltd, effective from 1st February, 2008. The existing shareholders being Graham Turner, Alice Andrews and Patrick invited a group of investors to invest in Debco to provide the capital base to take advantage of a number of growth opportunities that had been identified. The existing shareholders retained a major shareholding in the new capital structure and Graham Turner will represent their interests as a director on the new Debco board. The new shareholders, who will be directors and make up the new board, have a successful track record in growth, innovation and service in a number of other manufacturing businesses with commercial and retail customers. Glenn Ward, one of the new shareholders, who has over 20 years experience in sales and marketing, brand management, manufacturing and general management has been appointed Chief Executive Officer of Debco and Patrick has stepped down to pursue other business interests outside Debco.

Patrick will however remain involved as a business advisor to Debco and continue on the NGIV technical and accreditation committee and as a director on the MIFGS board. Going forward for Debco it is business as usual with all staff embracing the change. This will enable Debco to achieve growth and continued success as the industry-leader in its field and the benchmark in Quality, Innovation and Service. Patrick passed on his thanks to the dedicated and hard working team at Debco, their customers many who had become personal friends, Debco suppliers, the horticultural media and the industry for their support over the past 8 years.

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