Move comes as trailer sale to ATSG completes and name change looms
MaxiTrans Industries (MXI) has completed the sale of its trailer manufacturing business to Australian Trailer Solutions Group Pty Ltd (ATSG) and elevated a new MD and CEO.
Completion follows shareholders voting in favour of the transaction at the August 27 extraordinary general meeting (EGM) and “the satisfaction of other conditions”.
The ATSG deal was facilitated by $4 million of vendor financing from MaxiTrans to ATSG over two years, with interest on a sliding scale of 3% per annum for first six months, 5% pa for next six months and 8% pa thereafter.
MaxiTrans has binding contracts for the sale, for a total $18.05 million, of its Derrimut and Hallam properties with a fund unrelated to MXI or ATSG. The fund is managed by Centuria Capital Group.
At the EGM, shareholders also approved the change of MaxiTrans’ name to MaxiParts Limited, and the consolidation of MaxiTrans shares on a 5:1 basis.
The name change will be effective at the conclusion of the share consolidation process, on September 17.
Read how the MaxiTrans split was revealed, here
As foreshadowed, Dean Jenkins has stepped down as MD and CEO and Peter Loimaranta, who has headed the MaxiParts operation for 10 years, has now assumed those posts.
Tim Bradfield has stepped down as CFO, with Liz Blockley replacing him after two-and-a-half years as group financial controller.
“Today is an exciting day for MaxiTrans shareholders customers and staff,” MaxiTrans chairman Rob Wylie said.
“We look forward to a successful journey for the MaxiParts business and watching the MaxiTrans Trailer business grow too.”