Respected corporate accountant to bolster Alterra board

Alterra has strengthened its board as it continues to build agricultural business opportunities with the appointment of experienced corporate accountant John Palermo as a non-executive director.

Mr Palermo has over 22 years’ experience in public practice and corporate accounting with a focus on corporate transaction execution, strategic business management and business structuring.

He is a member of the Governance Institute of Australia and a board member of the Royal Perth Hospital Medical Research Foundation.

Mr Palermo was also a winner of the “40 under 40” award in 2009 and was featured on BRW’s young rich list in 2015.

Alterra Chairman Trevor Stoney said: “John is highly regarded as a professional, businessman and philanthropist and his appointment sits within the company’s strategy of building capacity to execute its growth plans.”

The company’s three-phase business model begins with the company screening opportunities and carrying out research, detailed feasibility and modelling work.

It will then move on to the next phase and invest between 5% to 25% of the equity required for the project and raise the balance from investors.

During this phase, the company would receive establishment and management fees during the development of the asset and performance fees once the asset is monetised.

Alterra will then enter into the annuity income phase under which it will charge the new owner an annual management fee with a market review every five years.

Target sectors include high-value tree crops such as avocados, intensive dairy and other irrigated cropping opportunities in Western Australia.