The company which claims to be the biggest national operator in this
field, the Maroochydore-based SCV Group Limited, several weeks ago announced at its Annual General Meeting, also notifying the Australian Stock Exchange, that its financial position is under such severe threat that its status as a “going concern” is threatened.
SCV Executive Chairman Michael Gordon reported to the AGM on Tuesday, November 19 as follows:
"The Board continues to address the issues relating to the Company's going concern uncertainty, including simplifying its core product offering, reduction in operating costs and repayment of debt. However, until working capital and long term funding is secured there remains material uncertainty as to whether SCV can continue as a going concern."
Channel Seven News reported a day later that the company probably could last only another three months or so.
Mr Gordon was re-elected to the Board on November 19. However on December 5, he resigned as Executive Chairman. Mr Dennis May also resigned as non-executive Director. Mr May is company secretary.
A Director Mr. Andrew Kemp , previously Chairman 2004-2006, is now Acting Chairman and the former Chief Executive Officer, Ms Andrea Slingsby, becomes Managing Director.
Toowoomba and Darling Downs political and social commentary. Print copies of this newsletter may be ordered from Toowoomba's Office Works, phone 4699-5300
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Hugh Bingham
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About Hugh Bingham
Bingham is a career journalist with experience in State and Federal politics. He has been Editor of the Sunday Truth, the Sydney Sunday Mirror, Associate Editor of the Sydney Daily Mirror, and has reported overseas for The Australian.
In retirement he turned farmer in the Felton Valley, near Toowoomba, breeding Appaloosas and winning best foal and filly at the 1992 State championships.
Now 80, Bingham takes a keen interest in current affairs, especially politics and social issues. Bingham has tutored U3A groups as diverse as poetry, memoir writing, and classical music.
In retirement he turned farmer in the Felton Valley, near Toowoomba, breeding Appaloosas and winning best foal and filly at the 1992 State championships.
Now 80, Bingham takes a keen interest in current affairs, especially politics and social issues. Bingham has tutored U3A groups as diverse as poetry, memoir writing, and classical music.
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