Freedom's shares have been in a trading halt while the company sorts out a restructure and prepares a revised balance sheet for a delayed annual general meeting.
The company has announced the meeting will now be held on Friday, January 29.
Board chair Perry Gunner will be retiring at the meeting after 17 years, part-owner and corporate farmer Ron Perich will leave after 15 years, and Trevor Allen will also go, after seven years.
The company is proposing three new directors: chartered accountant Timothy Bryan; financial adviser Genevieve Gregor, who was elected in March and is expected to become the new chair; and Jane McKellar, who was elected in May.
The company recently sold its two most recognisable operations — snacks and cereal — to the Arnott’s Group for $20 million in an effort to simplify the business and find money.
Law firm Slater and Gordon filed a class action against Freedom Foods Group Ltd and its auditor, Deloitte, in late December, following the announcement of write-downs and adjustments to its balance sheet totalling $590 million.
The class action alleges eligible shareholders have claims against Freedom Foods and Deloitte as a result of acquiring shares between December 7, 2014 and June 24, 2020.
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