NONEXECUTIVE DIRECTORS
Shares rally as Taste unveils its new board
Retail franchiser Taste Holdings announced new appointees and chairmen of the subcommittees, in a bid to breathe life into the cash-strapped company. Shareholders responded positively to the news, with the share price rallying more than 5% before closing 1.41% higher at 75c. The new independent nonexecutive directors are Leo Chou, Neil Brimacombe, Zukie Siyotula, Adrian Maizey and Grant Pattison. Analyst at Vunani Securities Anthony Clark said the move was understandable, given that the replacements came with experience in the fast-moving consumer goods sector. Clark said that two of the appointments were as a direct result of the recent rights offer that saw the Riskovitz Value Fund (RVF) taking up more than 60% of the company. He said the company wanted to have representation on the board that would look after its investment. "They’re kicking out those without any real knowledge on [fast-moving consumer goods] and putting in seasoned veterans," Clark said. "After paying the amount...
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