Top Shelf International has announced the appointment of a new CFO as its trading halt continues.

The company revealed CFO Ben Kennare had finished in his role, with Dimitrios Argyriou commencing immediately as his interim replacement.

Argyriou is an experienced CFO, with a background in consumer goods and experience in both private and ASX-listed environments.

CEO Trent Fraser thanked outgoing Top Shelf CFO Kennare for the significant contribution he has made to the Company since joining the Company in January 2021.

“On behalf of all at Top Shelf, I would like to acknowledge Ben for his commitment and dedication to the company, and I would like to personally thank him for the support he has provided me since I joined Top Shelf several years ago,” he said.

“The Board and I wish Ben all the very best in his future endeavours.”

Top Shelf’s brands include Australian whisky Ned, Grainshaker vodka and Australian agave spirit Act of Treason.

Share trading suspension

Top Shelf requested a suspension of trading on the ASX on 27 September 2024.

CEO Trent Fraser confirmed it was due to the company not being in a position to release its audited financial statements on 30 September 2024.

Fraser said Top Shelf was in the process of negotiating with its senior lender and its largest creditors.

Fraser said the company would “closely review” its operating strategy while it is suspended from trading, adding that it “continues to progress discussions with a number of parties regarding the provision of funding and potential transactions to address its short- to medium-term operating needs and the repayment of outstanding creditors.”

He said the suspension would allow Top Shelf to finalise a “funding pathway” while conserving cash. It is expected to finalise the review in the fourth quarter of 2024.

In its financial results for the year ending 30 June 2024, the company reported a gross profit increase of 17.9%, from $6 million to $7.17 million.