Top Shelf International, the Australia-based distiller, has hired a new CFO.
The vodka and whisky maker has appointed Dimitrios Argyriou as its new finance chief.
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Argyriou started in the role today (7 October), succeeding Ben Kennare, who had spent more than three years in the position.
On 27 September, Top Shelf International requested that the trading in its shares was halted amid talks over funding.
The Act of Treason agave maker said it was in talks with its lender and largest creditors and would not be able to release financial statements due on 30 September. The trading in the company’s shares remains suspended and the accounts have not yet been filed.
When Top Shelf made the request, the company said it had asked for a suspension in order to “review its operating strategy” and “finalise” a funding push. The group said the continued trading in its shares would “likely” be “materially prejudicial” to the completion of its funding plans.
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By GlobalData“The company continues to progress discussions with a number of parties regarding the provision of funding and potential transactions to address its short- to medium-term operating needs and the repayment of outstanding creditors,” Top Shelf International said in an exchange filing at the time.
In August, the company posted its preliminary unaudited results for the year ended 30 June, in which it booked revenue of A$26.6m ($18.1m), down 3.3% year on year. Gross profit was A$7.1m, up 17.9%.
Top Shelf International reported a loss of at an EBITDA level of A$13.9m, albeit an improvement on the previous year’s loss of A$27.5m. The group said its net debt position had improved to A$16.7m as of 30 June, having been reduced by A$10m over the financial year.
In today’s statement, the Grainshaker vodka owner described Argyriou as “an experienced CFO, with a background in consumer goods and experience in both private and ASX-listed environments”.
CEO Trent Fraser added: “On behalf of all at Top Shelf, I would like to acknowledge Ben for his commitment and dedication to the company and I would like to personally thank him for the support he has provided me since I joined Top Shelf several years ago.”
