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MarketScreener Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  New Zealand Refining Company Ltd    NZR   NZNZRE0001S9

NEW ZEALAND REFINING COMPANY LTD

(NZR)
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New Zealand Refining : Resignation of Chief Executive Officer

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09/16/2019 | 06:47pm EST

17 September 2019

NZX Announcement

Resignation of Chief Executive Officer

Refining NZ has today confirmed that Chief Executive Officer, Mike Fuge has tendered his resignation effective from March 2020. Mr Fuge will be leaving the Company to take on the role of Chief Executive with Contact Energy.

Refining NZ Chairman, Mr Simon Allen added that the Company has started the recruitment process for a new Chief Executive and that Mr Fuge is expected to stay in the role for the next six months while a successor is recruited.

"We are disappointed by Mike's decision to not remain in the role. His focus in the coming months will be to ensure that the refinery continues to run safely and reliably, continues to meet customer expectations for high quality transport fuels, manage the Company's response to both the Government Pipeline Inquiry and the Commerce Commission's Fuel Market Study, and continue our work streams around fuels for the future," Mr Allen said.

ENDS

For further information: Greg McNeill

Communications and External Affairs Manager greg.mcneill@refiningnz.com

021 873623

Disclaimer

The New Zealand Refining Company Limited published this content on 17 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2019 22:46:04 UTC

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Financials (NZD)
Sales 2019 371 M
EBIT 2019 38,8 M
Net income 2019 17,6 M
Debt 2019 235 M
Yield 2019 4,60%
P/E ratio 2019 34,5x
P/E ratio 2020 9,15x
EV / Sales2019 2,27x
EV / Sales2020 2,02x
Capitalization 606 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 2,26  NZD
Last Close Price 1,94  NZD
Spread / Highest target 34,5%
Spread / Average Target 16,5%
Spread / Lowest Target 3,09%
EPS Revisions
Managers
NameTitle
Michael Fuge Chief Executive Officer
Simon Christopher Allen Chairman
Denise M. Jensen Chief Financial Officer & Secretary
Robin Baxter Engineering Manager
Vanessa Cynthia May Stoddart Independent Director