JULIAN LUKE Farm Weekly 28 Jun 2013 03:15 PM
BREAKING: PPB Advisory has been appointed as receiver and manager of R.M. Williams Agricultural Holdings (RMWAH).
The appointment took place on Wednesday, however, documents were only lodged with the Australian Securities and Investments Commission today.
PPB Advisory director Ben Craw said the appointment was made to investigate the financial affairs of the group.
Mr Craw said the appointment only covered the parent company and none of the operational entities, which include organic chicken producer Inglewood Farms in Queensland, cropping country in south-western Queensland and cattle stations – including the 5000 square kilometre Henbury – in the Northern Territory.
He said PPB Advisory was now working with the directors of the company.
RMWAH was formed in 2009 and – while both companies are chaired by former News Limited executive Ken Cowley – is a separate entity to clothing manufacturer and bootmaker R.M. Williams.
RMWAH has been contacted for comment.