Acute indigestion at ChesaNyama owner Gold Brands
Shareholders are left dangling by the ChesaNyama owner whose real problem was current assets of R18.5m which did not come close to covering current liabilities of R47m
Shareholders in struggling fast-food brands group Gold Brands Investments look set for slim pickings after the resignation of CEO Praxia Nathanael at the weekend. Nathanael is a co-founder of Gold Brands as well as its flagship brand ChesaNyama. She was also a prime mover in The Fish & Chips Co, acquired by Taste Holdings several years ago. Gold Brands said Nathanael’s resignation was due to the ongoing restructuring of the company. Her departure follows the resignations of nonexecutive directors Rowan Fortuin last September and Christos Kassianides last December. Offering a restructuring process as a reason for Nathanael’s resignation may sound euphemistic to shareholders, considering that Gold Brands shares have been suspended since early August last year. The JSE suspended the shares after the annual report was not delivered to shareholders within the stipulated four-month period after the close of the February 2018 financial year. Earlier this month the JSE applied to terminate ...
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