The newly appointed board of troubled JSE-listed technology group 4Sight Holdings said it expects the suspension of its shares from trading will take place when it publishes its delayed interim results on 30 November.
The JSE suspended trading in the shares at the beginning of the month after the group failed to publish the results in the timeframe required under the listing rules.
Acting CEO Tertius Zitzke said the interim results have been completed and are now being reviewed by its auditors and approved by the new board. “The JSE will then rescind the suspension,” he said.
At the end of October, a dramatic board shake-up saw four directors quit 4Sight’s board and seven new directors appointed.
Vincent Raseroka, Gary Lauryssen, Jason du Plessis and Tinus Neethling all resigned from the board. Joining the board were Zitzke (acting 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.
These developments came 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. The drama now appears to be over, with Zitzke telling TechCentral on Thursday that the new management will seek to bring stability and growth to the company. One of the first priorities will be to take Foursight Holdings, an “intermediary holding company of some of the South African subsidiaries”, out of business rescue.
4Sight said it now has a “fit-for-purpose board with the requisite skills to develop a long-term strategy capitalising on the group’s excellent potential in the area of the fourth Industrial Revolution”. It said it has a strong cash position to allow it to do this.
“The new board includes five independent non-executives with impeccable credentials and the right mix of skills and experience needed to help 4Sight overcome its current challenges and realise its immense potential,” said Zitzke in a statement.
“Good governance is the foundation of a successful company, and the new board has been chosen with these principles at the core of its operations. We are delighted that individuals of this calibre have seen beyond the boardroom politics to the true potential of the company, and with their guidance I am confident in the company’s future growth.
“The newly appointed exco has already begun the process of developing a comprehensive, group-wide strategy for 4Sight, which will be presented to the new board as soon as possible.”
The new board will meet on Friday to “begin tackling the various issues facing 4Sight”, he said. – © 2019 NewsCentral Media