Andy Openshaw has stepped down as chief operating officer and as an executive director at Huge Group.
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The decision by three top directors at Huge Group to resign from the board on Friday came as a “complete surprise and shock”, said CEO James Herbst.
Investment holding company Huge Group plans to make a “significant” investment in Interfile Group, a specialist software company.
Huge Group has abandoned its efforts to play a role in the future of Adapt IT. That much is clear after it emerged on Tuesday that it has sold its 1.9% stake.
Huge Group’s efforts to acquire software services group Adapt IT appears to be all over bar the shouting. This after shareholders representing just 1.9% of Adapt IT shares accepted its offer.
Huge Group’s headline earnings per share for the year ended 28 February will fall by as much as 29.9% after accounting for charges related to share options for its three executive directors.
Telecommunications company Huge Group has secured the backing of more than three-quarters of its shareholders for its R795-million pursuit of JSE-listed software services group Adapt IT, it said on Monday.
Huge Group has launched a takeover bid for fellow JSE-listed technology company Adapt IT. The all-share bid, at an offer price of R5.52/share, does not enjoy the explicit support of Adapt IT’s board.
JSE-listed telecommunications specialist Huge Group said on Monday that it has partnered with MTN South Africa to provide additional GSM voice services to its subsidiary companies.
Huge Group CEO James Herbst and chief operating officer Andy Openshaw are in line for a share options windfall, if the proposal is approved by shareholders.