Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Public money, private plans: MPs demand Post Office transparency

      13 June 2025

      Coal to cash: South Africa gets major boost for energy shift

      13 June 2025

      China is behind in AI chips – but for how much longer?

      13 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025

      10 red flags for Apple investors

      13 June 2025
    • World

      Yahoo tries to make its mail service relevant again

      13 June 2025

      Qualcomm shows off new chip for AI smart glasses

      11 June 2025

      Trump tariffs to dim 2025 smartphone shipments

      4 June 2025

      Shrimp Jesus and the AI ad invasion

      4 June 2025

      Apple slams EU rules as ‘flawed and costly’ in major legal pushback

      2 June 2025
    • In-depth

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025

      South Africa unveils big state digital reform programme

      12 May 2025

      Is this the end of Google Search as we know it?

      12 May 2025
    • TCS

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025

      TCS+ | The future of mobile money, with MTN’s Kagiso Mothibi

      6 June 2025

      TCS+ | AI is more than hype: Workday execs unpack real human impact

      4 June 2025

      TCS | Sentiv, and the story behind the buyout of Altron Nexus

      3 June 2025

      TCS | Signal restored: Unpacking the Blue Label and Cell C turnaround

      28 May 2025
    • Opinion

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025

      Digital giants boost South African news media – and get blamed for it

      29 May 2025

      Solar panic? The truth about SSEG, fines and municipal rules

      14 April 2025

      Data protection must be crypto industry’s top priority

      9 April 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Investment » 4Sight Holdings board replaced in dramatic shake-up

    4Sight Holdings board replaced in dramatic shake-up

    By Duncan McLeod30 October 2019
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Four more directors have quit the board of JSE-listed technology group 4Sight Holdings, though the latest shake-up, which includes the appointment of seven new directors, may finally bring some stability to the troubled company.

    Vincent Raseroka, Gary Lauryssen, Jason du Plessis and Tinus Neethling all resigned from the board on Tuesday.

    Joining the board are Tertius Zitzke (who will act as CEO), Eric van der Merwe (acting chief financial officer), Marichen Mortimer, Johan Nel, Christopher Crowe, Andrew Murgatroyd and Herman Singh. The board intends confirming Zitzke and Van der Merwe permanently to the CEO and CFO positions.

    Vincent Raseroka will leave 4Sight with immediate effect after also resigning as an employee

    Raseroka will leave 4Sight with immediate effect after also resigning as an employee. Lauryssen and Du Plessis will remain employed there. Neethling will remain in his current role as telco cluster head.

    Jaco Botha and Rudi Dreyer, who had been seeking to join the board, have agreed not to pursue their appointment “to allow for a better board balance in terms of King IV (corporate governance requirements) and have accordingly withdrawn their consent to act as directors”.

    The outgoing financial director, Jason du Plessis, will continue to assist the group with the finalisation of the interim results for the six months ended 30 June 2019, which will be published later than required under JSE rules.

    Drama

    The latest developments come just two weeks after TechCentral reported that shareholders of 4Sight Holdings had demanded an explanation as to why a special meeting, which took place on 11 October to remove and appoint directors, was “improperly” and “unlawfully” adjourned.

    The drama surrounding the JSE-listed technology company intensified following the aborted meeting, with a legal letter, seen by TechCentral, showing some shareholders — claiming to be in the majority — were prepared to take legal action to find a solution to their grievances.

    At the heart of the dispute was a battle between rival shareholder groupings for control of 4Sight.

    Ahead of the 11 October special meeting, two directors resigned from 4Sight’s board. Geoffrey Carter — chairman of 4Sight’s audit and risk committee — resigned on 7 October warning of “belligerent breaches in corporate governance, ill-disciplined financial transgressions and continuous disagreements” regarding the “interpretation to (sic) certain clauses in the sale of shares agreement”. A day later, the chairman, Rama Sithanen, resigned with immediate effect “due to his intention to re-enter politics in Mauritius”.

    The drama at the company started on or before 23 August, when 4Sight issued a statement informing shareholders that the board had received correspondence from a shareholder holding at least 5% of the voting rights in the company that required it to call a special meeting, the aim being to reconstitute the board.

    The meeting was called to comply with a demand from shareholders Morne Swanepoel (who holds 14.6% of the company’s equity); Jaco Botha (12.4%); Mari-Louise Zitzke (11.6%); and Tertius Zitzke (3.1%). All four individuals had sold their companies to 4Sight in the 2018 financial year.

    It is expected that with the restructure of the 4Sight board, the liquidity issues faced by Foursight will be promptly resolved…

    4Sight said on Wednesday it was no longer necessary to hold reconvene the special meeting of shareholders, as had been planned, given that the latest board changes were “consensually” agreed to.

    Earlier this month, 4Sight told shareholders that its board had been informed that the directors of Foursight Holdings, the “intermediary holding company of some of the South African subsidiaries”, had passed a resolution placing Foursight into business rescue. Foursight, the statement from 4Sight said, is “heavily dependent on the cash flows in the form of dividends and management fees from its profitable subsidiary companies. These flows of funds had not materialised, thus placing Foursight Holdings in financial distress.”

    On Wednesday, it said Foursight “holds substantial assets but had a liquidity issue in relation to operational expenses”.

    “It is expected that with the restructure of the 4Sight board, the liquidity issues faced by Foursight will be promptly resolved and the business rescue will be lifted shortly.”  — © 2019 NewsCentral Media



    4Sight 4Sight Holdings Andrew Murgatroyd Christopher Crowe Eric van der Merwe Gary Lauryssen Herman Singh Jaco Botha Jason du Plessis Johan Nel Marichen Mortimer Rudi Dreyer Tertius Zitzke Tinus Neethling top Vincent Raseroka
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleGovernment spends R5-billion/year on cellphones: Mboweni
    Next Article Africa Data Centres expands use of solar with plant in Kenya

    Related Posts

    MVNO boom is reshaping South Africa’s mobile market

    12 June 2025

    TCS | Tertius Zitzke on 4Sight’s big turnaround

    26 May 2025

    The CEOs who run South Africa’s listed tech companies

    25 May 2025
    Company News

    Huawei Watch Fit 4 Series: smarter sensors, sharper design, stronger performance

    13 June 2025

    Change Logic and BankservAfrica set new benchmark with PayShap roll-out

    13 June 2025

    SAPHILA 2025 – transcending with purpose, connection and AI-powered vision

    13 June 2025
    Opinion

    Beyond the box: why IT distribution depends on real partnerships

    2 June 2025

    South Africa’s next crisis? Being offline in an AI-driven world

    2 June 2025

    Digital giants boost South African news media – and get blamed for it

    29 May 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.