Board clout for Customers

ATM operator Customers Limited announced board changes and acquisitions yesterday, with the company's new directors indicating an accelerating agenda at the firm.

Peter Polson, the former managing director of Colonial, will join the board as chair starting from the company's annual general meeting next month.

Ross Burney, an investment manager with Brierley Investments and then the Guinness Peat Group, will also join the board.

The current chair, Greg Monaghan (a former banker), will stay on as a consultant for a year.

Greg Rooke will leave the board.

Polson and Buren join Ross Heron (himself a member of the board for only a month) and managing director Tim Wildash.

The company is not shy about seeking to build its margins and cash flow, as the ATM pricing decision reported above shows.

The new board may improve connections with investment banks and investors, and so perhaps a more ambitious strategic plan is in the works.

For the present, it's business as usual, including the mopping up of small suppliers in the ATM deployment sector.

Customers said yesterday it had bought YourCash ATM and Crown ATM, which together adds 88 sites to its portfolio.

The company also said yesterday that the dividend of 12 cents payable next month will now be unfranked.

The Tax Office agreed with the company's view that income tax was not payable on certain merchant contracts, saving the firm A$6 million in 2011. Since it is not paying tax, it is not able to distribute franked dividends.