Taste Holdings’ share prices plunges 10% on warning of huge loss
The share price of local Starbucks and Domino’s representative Taste Holdings fell 10.5% to 51c on Wednesday.This followed a warning to shareholders that its loss in its 2018 financial year nearly doubled.The trading statement came two days after Taste announced the resignation of chief financial officer Evan Tsatsarolakis.Taste said on Wednesday that it expected to report on May 31 that its basic loss per share for the year to end-February would widen to between 49.7c and 52.3c from the prior year’s 26.8c.Its headline loss per share was expected to be between 40.6c and 43.1c from the prior year’s 25c.On Monday, Taste said Dylan Pienaar would be acting chief financial officer from May 31, when Tsatsarolakis leaves the company.In February, Taste announced that Tyrone Moodley replaced the company’s founder, Carlo Gonzaga, as CEO.Taste has had numerous management changes since Riskowitz Value Fund increased its shareholding to 64.5% in January by underwriting a R398m rights offer.
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