Critical appointment for Freedom Foods made

A suspension of trade in Freedom Foods shares is due to be lifted next week when the company reveals its accounts for the 2019-20 financial year and reports on a $200 million-odd cash injection.

Trading in the company, which operates a milk processing plant in Shepparton producing UHT milk, was voluntarily suspended in June pending the release of the outcome of investigations into the company’s financial position.

Immediately following the suspension a write-down of the carrying value of inventory of $60 million was announced, $35 million more than the initial guidance.

Much of the obsolete or out-of-date stock was warehoused in Shepparton.

“We are delighted that Mr Coss has accepted our invitation to join the company and the leadership team. He brings extensive experience as a company secretary and general counsel. We look forward to his contribution to Freedom Foods Group Limited,” interim chief executive Michael Perich said.

In a statement to the Australian Stock Exchange Mr Coss said he was looking forward to building upon the work that had already been undertaken to ensure the group had a strong legal and governance culture.

Mr Coss will become the person responsible for communications with ASX. The current suspension of trade expires on November 30.