Snacktime CEO and CFO resign - as refinancing 'progresses'

THE CFO responsibilities at beleagured vending machine outfit Snacktime have been handed to Michael Maltby.

Following the earlier resignation of CFO Tim James, who departed on Friday, Maltby takes on the finance reins. He has served as a consultant with the company since May. 

Mark Stone, CEO, also annnounced he is to leave the company, for “personal reasons”.

He will remain on the board until the end of April 2016 and will continue to oversee the activities of the company’s Snack in the Box and Drinkmaster divisions.

Non-executive director, Sergei Kornienko, is to take responsibility for the group’s two vending companies with immediate effect while an urgent search is made for a replacement full-time CEO.

Snacktime’s previously announced intentions to refinance through an equity issue and reconstruction of its balance sheet debt are “progressing” with further announcements set to be “made in due course”.

The refinancing deal is set to be fused with a rescheduling of the bank’s loan repayments. The finalising of the accounts for the year to 31 March 2015 are subject to the completion of the refinancing exercise, until which time trading in the Company’s shares will remain suspended.

Chairman, Jeremy Hamer said: “I wish to thank both Mark and Tim for their respective contributions to Snacktime. While progress is being made in many areas, the conclusion of the refinancing negotiations is fundamental to the future of our group.”