Kangaroo Island Plantation Timbers director John Sergeant thanked for “tremendous contribution”

Kangaroo Island Plantation Timbers Ltd (ASX:KPT) has thanked non-executive director and former managing director John Sergeant on his resignation for the “tremendous contribution” made to the company. Sergeant has announced his resignation as a director effective on May 6, 2021, and this follows the takeover bid for the company announced by Samuel Terry Asset Management (STAM) on Monday. He is a unit holder in STAM and has close connections with STAM management. The resignation was part of Sergeant’s long-term plans for his involvement in the company. He resigned as managing director in June 2019 and has since served as a non-executive director. Sergeant stated in his resignation letter that he intended to remain a supportive shareholder to KPT. Chairman Paul McKenzie said: “John has been involved with the company for the last eight years and has provided essential leadership and more recently, guidance to the company. “His expertise, insights and vision have been essential for helping to steer the company through its expansion, and most recently, through delays in the wharf approval. “He has also played a key role in providing support following the devastating impact of the 2019-20 Kangaroo Island bushfires.” McKenzie added: “On behalf of the board, I wish to acknowledge the tremendous contribution that John has made to KIPT and to his colleagues. “His knowledge and passion for the company has been an inspiration to us all. “Together with the board, I wish John all the best with his future.”