Ocho lives to fight another day

Jim O'Malley. Photo: ODT Files
Jim O'Malley. Photo: ODT Files
Beleaguered Dunedin chocolate company Ocho has had a stay of execution.

The company’s directors were urging shareholders to vote on a resolution to liquidate the company at a special meeting this afternoon. 

However, the move was delayed after Ocho's former chairman Jim O’Malley made a series of heartfelt pleas at the meeting.

Mr O’Malley, who stepped down from being an Ocho director earlier this year, argued shareholders were not being given enough information.

No new budget had been put before shareholders for the next two years and the winter was always a tough time to trade chocolate, he said.  

There were 66 shareholders in favour of delaying the liquidation out of 96 people still in the meeting when it closed. 

Ocho started in 2013 as a small craft chocolate company before being relaunched on the back of a $2 million crowdfunding campaign led by Jim O'Malley following the news Dunedin's Cadbury factory would close in 2017.

 

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