Tuesday, July 7, 2009

Ravensdown CEO Rodney Green's job hangs on a transparency thread

Farmgirl, unlike the Radio Network, has managed to escape the bullying clutches of the CEO of Ravensdown thus far and has requested a head to head discussion through the radio forum with Rodney Green but has heard nothing yet.

It is very serious and alarming when shareholders seem to be muzzled by the head of a co-operative and are not being allowed to ask the questions that need to be asked at this point of time.

What is even more alarming is that Farmgirl has received further serious allegations against the CEO and his Board regarding some private dealings that shareholders have no idea about.

This company appears to be no longer transparent and the head of it has far too much power and seemingly a weak or frightened Board.

Farmgirl wants Mr Green to front up and answer these questions:

1 Did Ravensdown have a large cash deficit in last year's accounts from operating activities - that actually they didn't have a $40 million profit but a $40 million loss - it only looks that way due to a change of accounting standards and the favourable revaluation of foreign exchange contracts?
2 Were last year's rebates paid from borrowing, not actual profit?
3 That borrowing to pay rebates is a hugely risky venture and not one that shareholders are aware of?
4 That under these current conditions and the fact that Ravensdown is not in great shape the venture into Australia could only be construed as risky?
4a That the directors may not have been fully aware of Ravensdown's financial situation
prior to its move into Australia?
5 Have they made any million dollar plus settlements out of court in the past three years?
6 Are shareholders aware of what might have been paid via settlement out of court in the past
three years?
7 How on earth can Ravensdown be called a co-operative if its shareholders are ill informed and then threatened should they choose to ask questions?
If Farmgirl and other concerned shareholders are right about the situation with Ravnesdown, then it's time all of us did something about it, took back control of the co-operative and got rid of the rot.
This is not defamation Rodney, this is our right as concerned shareholders to publicly voice our view.
Having worked in agricultural newspapers, and knowing how companies can threaten to pull big advertising budgets if anything negative is written about them, this blog becomes vitally important.
Please, share your views, get in contact with Farmgirl if need be and keep asking these questions of your directors until you get the answers clarified.
We will not be silenced, nor will investigations be dismissed.


Anonymous said...

Following your thread with Interest $.

Griffin said...

Hi Nadine, we are a struggling agricultural business in the Manawatu competing with Ravensdown and Wanganui Aerowork and would like to make contact with you. Thanks

Anonymous said...

Just started following your posts. I am a shareholder in Ravensdown, at least I think I am, I never seem to get any correspondence from them. Strange, as a shareholder I have no idea what they are up to. I dont think I count. Go Nadine

Anonymous said...

You call yourself a journalist?
Are you not supposed to be balanced?
You seem to have a personal vendetta and I have no doubt that you wouldn't change your narrow self centred opinions even if someone presented you with compelling evidence.
Typical... egotistical and blinded by your own over inflated self belief.
What you write is worthless and an embarressment real journalists everywhere.
You should appologise to all the people who have worked hard over the past decades for the farming cooperatives in NZ.
Be thankful you kiwi farmers have control over your fertiliser supply.
Take some time out and remember you reap what you sow.

A from AUS said...

I wholeheartedly agree with Anonymous. You appear to have personal vested interests in Ballance and in denigrating Rodney Green at every opportunity.
Green reports to the Board, not you, and he will be held to account by that Board and with the Chairman report to all shareholders at the AGM. You seem more interested in believing blog and bar talk, than accepting the audited certified financial statements of the company and the oversight of Directors with a direct interest in seeing the co-op succeed . What will you believe Nadine and does it matter!
And whats more you don't have a clue what you are talking about re Australia!

Anonymous said...

In Queensland Ravensdown's pricing is now way out of the market and the deal they offered is now very poor. A 6 year plan looks like it is folding in 6 minutes.

Anonymous said...

If you look at the Ravensdown accounts you will see a large increase in borrowings due to the UFC acquisition. Has this made any money?