4Sight shakes up board amid liquidity concerns
A fight over the composition of the technology group’s board has seemingly ended after a slew of director resignations and new appointments
JSE-listed technology group 4Sight, whose share price has halved so far in 2019, said on Wednesday it had shaken up its board and seemingly brought to an end a fight over its composition.
Tertius Zitzke, CEO of 4Sight's professional services subsidiary AccTech Systems, has been appointed acting CEO, following the resignation of Vince Raseroka. Three other directors have resigned as well, and seven new directors have been appointed.
The company, whose subsidiaries include BluESP, had said in August it had received a demand for a special shareholder meeting from an investor that owns at least 5% of its shares, the aim of which was to reconstitute the board.
Earlier in October, board chair Rama Sithanen quit, which followed that of audit and risk committee chair Geoffrey Carter a day earlier. Carter had said his position had been compromised due to the battle over the board.
Carter said his position was being “compromised to a point of no return, where serious issues of financial irregularities have occurred, yet no consequences except an all-out battle of egos and clash of characters”.
Sithanen had brought forward his resignation due to the board battle, having previously indicated he wanted to re-enter politics in Mauritius.
4Sight said on Wednesday it has also appointed Eric van der Merwe, Marichen Mortimer, Johan Nel, Christopher Crowe, Andrew Murgatroyd and Herman Singh to the board. Two other directors are still to be appointed.
Raseroka, Gary Lauryssen, Jason du Plessis and Tinus Neethling have resigned.
4Sight said on Wednesday it expected the restructured board to promptly resolve liquidity issues. The group is facing difficulties with its operational expenses.
4Sight’s share price was up 18.75% to 19c as of 10.15am on Wednesday, although this is not an unusual movement for the share, which had lost 51.28% in the year to date.