British billionaire Joe Lewis’ influence on AACo board grows

The country’s biggest beef producer has appointed an executive from Joe Lewis’ investment group as director after the Tottenham FC owner’s holding grew beyond 50 per cent.

British billionaire Joe Lewis has increased his influence on the board of the Australian Agricultural Company, the largest pastoral landholder in the country, with an executive at his Tavistock Group appointed a director.

Sarah Gentry is a vice-president at Tavistock and will replace Tom Keene, a former GrainCorp managing director who has sat on the AACo board for 11 years.

Ms Gentry joins two other Tavistock figures on the AACo board – Shehan Dissanayake, who joined in April 2012, and former Tavistock executive Neil Reisman, who was appointed in 2016.

Tavistock now holds 50.07 per cent of AACo after buying 5.85 million additional shares in September. The company received Foreign Investment Review Board approval for the purchase.

AACo is Australia’s biggest beef producer and has embarked on a program marketing named-packaged beef over the past few years – a key part of its strategy.

While Mr Lewis, the owner of the Tottenham Hotspur football club, is AACo’s largest shareholder, Fortescue Metals chairman Andrew Forrest is a major investor with a 17.4 per cent holding in the company. AACo had previously counted the wealthy Holmes a Court family and retail billionaire Brett Blundy among its significant shareholders.

AACo was created in 1824 as a wool producer before moving into coal, gold and then cattle. It first listed on the ASX in 1976 and was purchased by Elders in 1995 before being relisted in 2001.

Dave Harris was appointed chief executive in September after acting in the job for months following the abrupt departure Hugh Killen in June. In May, the beef producer reported a 200 per cent jump in profit to $136.9m for the full year ended March 31, but a 14-year dividend drought remains.

On Monday, AACo chairman Donald McGauchie said Mr Keene’s “knowledge and acute understanding of the sector has been of great importance to the company as it has managed through some difficult times”.

Mr Keene is a former chairman of Allied Mills and Grain trade Australia, as well as a current director of Cotton Seed Distributors and Midway Limited.

Ms Gentry is responsible for managing Tavistock’s food, agricultural, health and technology sector investments, Mr McGauchie said.