The share price of Adapt IT jumped by more than 18% in intraday trading on Monday following Huge Group’s unexpected decision on Friday to dramatically up its offer to buy the JSE-listed software services group.
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Cedric Miller, the chief financial officer at JSE-listed technology group Altron, has resigned. He will leave on 30 June, Altron told investors.
Huge Group, it seems, doesn’t give up without a fight. The telecommunications specialist has dramatically increased its all-share offer for Adapt IT.
An independent expert appointed by Adapt IT has recommended that shareholders reject the unsolicited all-share offer by Huge Group, saying it undervalues the software services group.
Technology group Altron on Monday reported full-year headline earnings per share that fell 18% on revenue that was flat at R7.4-billion.
Adapt IT CEO Sbu Shabalala said on Tuesday that the serious allegations levelled against him in a weekend newspaper report are “without merit”.
Adapt IT said on Monday that its long-serving CEO, Sbu Shabalala, will take a leave of absence for three months to “attend to personal matters”.
Shares in Adapt IT plunged more than 10% on Monday morning after claims were published at the weekend that CEO Sbu Shabalala hired armed thugs to beat up the partner of his estranged wife, Neo.
Adapt IT CEO Sbu Shabalala has been accused of hiring armed thugs to beat up his estranged wife Neo’s partner, suspended eThekwini city manager Sipho Nzuza, according to a report published on Sunday.
Eskom has said it’s urgently seeking new providers of technical support after Oracle’s South African unit withdrew its services over a payment dispute.