COMPANY COMMENT
Could it get any messier at Pembury Lifestyle?
Shareholders will probably be extra jittery at the news that financial director Riaan van Jaarsveld has stepped down
It is astounding how quickly the wheels came off at Pembury Lifestyle Group (PSG), which rode to market in early 2017 by offering excitable punters tickets in private education and retirement homes.
Interestingly, private education and retirement developments are two areas that PSG — one of the most successful long-term investors on the JSE — has backed with a good deal of vigour.But Pembury has fumbled badly in its endeavours, and the last set of results to end-December 2018 was swathed in red ink.Shareholders will probably be extra jittery at the news earlier this week that financial director Riaan van Jaarsveld had stepped down with immediate effect.Van Jaarsveld’s departure comes after a worrying period for Pembury, which conceded to shareholders that it had “experienced problems in the accounting department”.On Wednesday, Pembury’s market value was less than R40m and the company seems an awfully long way from its heady pre-listing forecasts.It certainly did not get any be...
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