itX appoints non-executive head
- 06 April, 2010 10:18
ASX-listed distributor, itX, has appointed Andrew Moffat as its independent non-executive director.
Moffat is also the principal of corporate advisory firm, Cowoso Capital, and the non-executive chairman of Pacific Star Network.
On top of this, he is the non-executive director of Infomedia and Rubik Financial.
In a statement, itX chairman, Dinshaw Katrak, said Moffat’s extensive experience in corporate finance, mergers and acquisitions added a new dimension to its board.
“As we are searching for acquisition opportunities that will accelerate our growth, we look forward to benefiting from Andrew’s undoubted expertise in this field,” he said.
Moffat was previously the director of Equity Capital Markets and advisory for BNP Paribas Equities, where he was responsible for mergers and acquisition advisory services and a range of equity capital raising mandates including placements, IPOs and rights issues.
The distributor recently recorded a 25 per cent hike in its half-year net profits.
At the time, managing director, Laurie Sellers, said it had been looking for investment opportunities, but found it difficult over the past six months.
itX retains $11.2 million in cash, which it expects to use towards niche distribution acquisitions this year.