Adapt IT CEO Sbu Shabalala said on Tuesday that the serious allegations levelled against him in a weekend newspaper report are “without merit”.
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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.
Huge Group has taken down two videos from its website in which it implored Adapt IT shareholders to accept its offer to buy the software services group in an all-share deal.
Who is buying JSE-listed Adapt IT shares at or above the R6.50/share offer price tabled earlier this month by Canada’s Volaris Group? A disclosure by Adapt IT may have shed some light on this question.
The Financial Services Conduct Authority has begun an insider trading investigation that will “cover disclosures and transactions in Huge Group securities during January 2021”, it said on Thursday.
Huge Group, whose bid for Adapt IT is in grave doubt following a rival, all-cash offer from Volaris Group, has accused Adapt IT management of “looking after themselves and not their shareholders”.
Huge Group’s effort to acquire Adapt IT appears to be dead in the water. This is after Canada’s Volaris Group offered shareholders R6.50/share in cash on Wednesday for the JSE-listed software services group.
Huge Group CEO James Herbst on Tuesday rubbished a claim that the company used its share buyback programme to manipulate its share price higher ahead of its bid to acquire Adapt IT.