The veteran company director can almost always save the day with an earnest pronouncement.
“The whole board is very conscious that we have a social purpose as well as being a for-profit company… I think it is [about more than just the bid price]. At the end of the day, we have to do what is optimal for our shareholders but with an eye to the impact that might have on our role in the community, [which] will be part of the consideration.”
Nowadays, Bradley wants to see from Chalmers in May “some real discipline around new spending programs, existing spending programs, upholding but not increasing taxes and also applying any surpluses that might be windfalls due to our high commodity prices to debt reduction, rather than new spending programs”.It really is terrific to see Braddles declaiming on debt reduction. Heaven knows, he’s no stranger to the danger of over-leverage.
He now chairs United Malt , which in August last year had to negotiate debt covenant waivers with its lenders when its net debt blew past 2.5 times its annual earnings. In United Malt’s 2022 annual report the following month, auditor PwC was at pains to “draw attention to the basis of preparation” of the accounts, “which indicates that the group must implement a number of actions to meet covenant compliance obligations across the next 12 months.
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