Owens Group Board Changes

Owens Group Board Changes

The Owens Group today announced changes to its board following Mainfreight Limited's takeover offer being declared unconditional.

The new board will be Bruce Plested (Chairman), Don Braid, Carl Howard-Smith, from Mainfreight, and two existing Owens Group directors, Warren Larsen and Denham Shale. Current Owens Group directors Norman Geary, Rick Bettle, Richard Keddell and Kerry McDonald will resign from the board.

Outgoing Chairman Norman Geary described the logic of the Mainfreight acquisition as "most compelling" and said that the Company looked forward to working with its new major shareholder and the new board to strengthen its performance and build shareholder value.

He said that, after a period of uncertainty, staff were now in a position to proceed with the development and growth of the Owens business.

"The complementary strengths of the two businesses will be good for staff and good for our customers," he said.

The Owens Group will remain a listed company on the New Zealand Stock Exchange.

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