All Change
Xpediator has issued several announcements relating to Board changes during November: two Non-Executive Directors and a CFO have been appointed, plus the interim CFO will stay with the group. We view the appointments favourably, adding significant UK and international industry experience to the Board. It is also worth noting the subsequent purchase of shares by both new NEDs, suggesting confidence in XPD’s outlook.Following the departure of Stuart Howard, the previous permanent CFO, in early September, Xpediator has announced that Robert Ross will be joining the Group as CFO from 1 January. Robert joins from Europa Worldwide Group (“Europaâ€), where he held the position of Finance Director for four years. Europa specialises in European distribution; worldwide air and sea freight; logistics; national distribution and project forwarding and exhibitions. The business is based in Kent with revenues of £175.9m in the year to December 2018 and is therefore only modestly smaller than Xpediator.
Earlier this month the Group announced the recruitment of two new Non-Executive Directors, Wim Pauwels and Charles McGurin. Wim is Belgian and has a career spanning 40-years within the logistics industry. In addition, the interim CFO, Richard Myson, has been appointed to the role of Commercial Director, and joins the Operating Board. Richard has 15 years’ experience within Xpediator in senior financial and commercial roles.
At 48p/share, our fair value stands well above the level of the stock price. Furthermore, the recent preliminary approach for competitor Clipper Logistics seems to underpin the inherent strategic value of Xpediator plc.
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