19.07.2016

New chairman for Boom

Australian crane rental company Boom Logistics has appointed Maxwell (Max) John Findlay as a non-executive director and chairman elect.

He took up his position yesterday, and will replace current chairman John Robinson when he retires in October. In the meantime Findlay fills a casual Board vacancy and will stand for election at the Annual General Meeting in October.

Findlay was chief executive of industrial services company Programmed Group from 1990 until his retirement in 2008. During this period company revenues grew from $30 to $800 million as the business diversified into three divisions- labour hire, property maintenance and asset management services. The company employed over 10,000 a 120 branches, in Australia, New Zealand, Singapore and the United Kingdom. Prior to joining Programmed in 1988 he spent 11 years with Australian Consolidated Industries, three years with Vinyl Clad (a division of Smith & Nephew) and five years with James Sephton Plastics.
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Max Findlay

Since then he has held various non-executive roles, and is currently chairman of the Snowy Mountains Engineering, director and chairman of EVZ (Envirozel) and director of The Royal Children’s Hospital.

Boom Logistics has also announced that it expects its full year results to come in below its forecasts due a slow down in Queensland and Western Australia as well as severe weather on the east coast in June. But it remains positive for the trends going into fiscal 2017.

At the same time the company has secured a new long term $57.5 million finance package which provides greater flexibility. The new package comprises three complementary elements:
- A $25 million, five year asset finance facility with De Lage Landen with principal amortisation requirement of $3 million per annum.
- A $12.5 million, three year syndicated loan facility with NAB and ANZ. Facility agreed on improved terms with no amortisation requirement in the first 18 months. and
- A $20 million, three year securitised trade receivables lending facility with Assetsecure.