Celarc to retire as Opus CEO

Opus Group chief executive Richard Celarc is set to retire from his role heading the company he largely founded.

Celarc will step down from the top job in May next year after Opus holds its Annual General Meeting. He stepped back into the top job at the start of the year when long time CEO Cliff Brigstocke joined Blue Star.

Celarc has agreed to remain with the company as chairman of the board and as a senior advisor for three years following his retirement. Celarc is the company’s second largest shareholder after 1010 Printing.

He co-founded Ligare – which was the major part of Opus – almost 40 years ago as a small bookbinder, opening in Surrey Hills, NSW, in 1979.

The Opus board has congratulated Celarc for being instrumental in facilitating the group’s new ownership after Hong Kong outfit 1010 Printing became majority shareholder in 2014, rescuing Opus from its $51m debt.

“Celarc supported the introduction of 1010 as a majority shareholder by subscribing for new shares in the company and by returning as a full-time executive to facilitate the transition of the operations under new majority ownership,” Opus says in a statement.

“Since recapitalisation and under Celarc’s leadership, Opus has paid fully franked dividends of 14 cents per share out of operating profits including those generated through the sale of no-core businesses, COS Printing and Cactus.”

[Related: Brigstocke leaves Opus, replaced by Celarc]

The Board has already commenced its search for Celarc’s replacement, and says an appointment announcement will be made in due course.

Alongside Opus’ leadership reshuffle, the group also says it will undertake an on-market share buy-back next month of up to 20 million shares.

Opus says its capacity to undertake a share buy-back mission was pushed by the recent sale of its Cactus Imaging division and the resultant increase in cash-on-hand.

Celarc and the Board have indicated they will vote in favour of the buy-back, intending to sell up to 9,416,239 of their shares to Opus at 48c per share. 1010 Printing has also indicated it will vote in favour, however says it will not participate if it goes ahead.

“Liquidity in Opus shares have been thin over the past nine months and the on-market buy-back provides shareholders with the opportunity of selling their shares should they wish to do so,” says Opus.

If approved, the share buy-back will commence on December 9 and will remain open until December 8 the following year, or when all 20 million shares have been re-purchased by Opus.

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