BID TO REVIVE CONFIDENCE
Return of Bohbot: EOH share regains lost ground
EOH’s share price leapt 12.8% on Wednesday, paring back earlier losses, after the software and technology company announced that founder and former CEO Asher Bohbot would be returning in a permanent executive position "to focus on strategy and stakeholder management". This was probably a move to "shore up confidence", said Keith McLachlan, a fund manager at AlphaWealth. "EOH’s acquisitive business model needs its share price to rise," he said. Bohbot, who left EOH unexpectedly at the end of June after 20 years at the helm, returns at a time when the company is under considerable scrutiny. He was "persuaded" to return by current CEO Zunaid Mayet, said a company representative, suggesting that the two had been in discussions for some time. Forced selling by EOH directors and shareholders, as well as allegations against one of its now former subsidiaries, torpedoed the share price, which fell 35% on December 7. The stock has lost 66.35% of its value over the past 12 months. Two directo...
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