Todd Zani quits as chief of troubled ATM owner Stargroup
The chief of troubled ATM operator Stargroup has resigned due to “differences of opinion” on the way forward for the company.
On Monday night Stargroup (ASX:STL) said Mr Zani had quit as CEO.
“Mr Todd Zani has stepped down from his role as CEO of Stargroup and is accordingly no longer employed by the company,” Stargroup told investors. “Mr Zani will not work-out his notice period.”
Mr Zani told Stockhead he actually quit “three or four weeks ago”.
He’d already resigned from the chairmanship and managing director roles in October.
Mr Zani said he had resigned due to “differences in option [with the board] in terms of the way forward for the business”, but as he remaining a significant shareholder.
“The receivers and managers are continuing to pursue a going-concern sale or recapitalisation of Stargroup,” the company.
Stargroup, which had plans to convert its some of its ATMs to digital currency Bitcoin, is trading as normal despite going into administration.
The receivers — Richard Tucker and John Bumbak of insolvency experts KordaMentha — are seeking expressions of interest to sell or recapitalise the business.
In Australia, Stargroup has 500 of its own ATMs and manages another 2400 operating in pubs, convenience stores and similar locations.
Mr Zani told Stockhead last month the recent move by major banks to stop charging ATM fees was not the cause of the debt issue. Stargroup charges several dollars for transactions on its machines.
The company in September announced a joint venture with DigitalX, a blockchain technology and advisory company, to convert ATMs to trade the digital currency Bitcoin.
In 2017, Stargroup posted a 128.4 per cent rise in full year revenue to $8.36 million. Profit more than tripled to $1.94 million.