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- Agricultural company Wingara (WNR) has requested back-to-back trading halts ahead of a capital raise
- Wingara sells agricultural products to the domestic and international markets but is narrowing its focus on exporting hay products to Asia
- In fact, its drive for growth has led to an 81 per cent increase in hay inventory from the first quarter of the 2020 financial year to the final quarter
- Additionally, the company achieved over $20 million in revenue for the six months ending on June 30, 2020
- As its business is growing, Wingara has appointed current Non-Executive Director, David Christie, as Non-Executive Chairperson
- The current Executive Chairman, Gavin Xing will transition into the role of Managing Director and CEO
- These changes will come into effect on January 1 2021
- Company shares last traded for 26.5 cents on Tuesday, August 11
Wingara (WNR) has requested back-to-back trading halts ahead of a capital raise announcement.
The company will remain in a trading halt until Tuesday, August 18, unless the capital raise is announced earlier.
Wingara aims to be a leading seller of agricultural products to the domestic and international markets. In particular, it’s focusing on exporting hay products to Asia.
Yesterday, Wingara appointed current Non-Executive Director, David Christie, as Non-Executive Chairperson. This change will take effect on January 1, 2021.
Current Executive Chairman, Gavin Xing considers this a timely transition as the business is growing.
“We are now at the point where it makes sense to have an independent Chairperson to free up my time to focus on strategic growth opportunities, and I am delighted that David has accepted the board’s invitation for this role,” Gavin said.
In a July update, the company announced hay inventory volume increased by 81 per cent from the first quarter of the 2020 financial year to the final quarter. Wingara will utilise the increased volume to tap into its processing capacity over the coming quarters.
Positively, Wingara’s consistency and drive materialised into over $20 million in revenue for the six months ending on June 30, 2020.
David only joined the board in June, however, he brings over 20 years of experience in commercial law, corporate law, mergers and acquisitions and strategy.
Additionally, Gavin will transition from the role of Executive Chairman to Managing Director and CEO, effective from January 1, 2021.
“I am delighted that Gavin will be staying as Managing Director & CEO to help continue guiding the company through the many attractive growth opportunities we see,” David said.
Company shares last traded for 26.5 cents on Tuesday, August 11.
