{"id":6768,"date":"2012-02-27T12:57:18","date_gmt":"2012-02-27T12:57:18","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=6768"},"modified":"2012-02-27T13:00:33","modified_gmt":"2012-02-27T13:00:33","slug":"embattled-convergenet-sees-h1-heps-more-than-20-lower","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/it-services\/6768\/embattled-convergenet-sees-h1-heps-more-than-20-lower\/","title":{"rendered":"Embattled ConvergeNet sees H1 HEPS more than 20% lower"},"content":{"rendered":"<p>Amid the ongoing hostilities within the boardroom of ICT infrastructure supplier <a title=\"Company Information\" href=\"http:\/\/mybroadband.co.za\/vb\/showthread.php\/367640-Convergence-Partners\">ConvergeNet<\/a> Holdings (CVN), the group advised Monday (February 27, 2012) that it expects headline earnings per share, for the six months ending February 2012, to be more than 20% lower than previously.<\/p>\n<p>Interim chairman, Sandile Swana, assured stakeholders\u00a0last week that recent shifts in the company\u2019s board of directors, and moves by majority shareholders to take controlling shares, would not have an immediate impact on the operations of the company.<\/p>\n<p>It followed the announcement that three directors at the company had resigned with immediate effect \u2013 including chairman, Sindile Lester Peteni. All exiting directors sold off shares in the company, and Sandile Swana was appointed as interim chairman.<\/p>\n<p>In a statement, Swana clarified that the shift would not have an immediate impact on the operations of the company: \u201cI have taken note of the announcement on 22 February by a group of ConvergeNet shareholders that they have acquired a substantial shareholding in the company which, if combined with the holding of another shareholder would constitute a 53% majority shareholding in ConvergeNet,\u201d he said.<\/p>\n<p>\u201cThis take over was not initiated by the board, but the board will facilitate the mandatory offer as required by the regulators. The board of directors will consider that announcement in due course.\u201d<\/p>\n<p>In results for the interim period ended February 2011, ConvergeNet highlighted revenue of R497 million, with an operating profit of R19.19 million.<\/p>\n<p>Fully diluted headline earnings per share from continuing operations increased to 1.34 cents.<\/p>\n<p>ConvergeNet distributes and resells an extensive range of industry products through its subsidiaries including cabling, networking, telecommunication, VoIP, servers and storage, infrastructure management and data centre products.<\/p>\n<p>It said on Monday that a further trading statement will be released once a range has been determined.<\/p>\n<h3 class=\"my-4\">Related article<\/h3>\n<p><strong><a title=\"BusinessTech Article\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/6570\/convergenet-chair-reassures-investors\/\">ConvergeNet chair reassures investors<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ConvergeNet Holdings (CVN) advised Monday that it expects headline earnings per share, for the six months ending February 2012, to be more than 20% lower than previously.<\/p>\n","protected":false},"author":9,"featured_media":6589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[1710,1705,1709,26,767,1708,1671,1706,1707],"class_list":["post-6768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-cabling","tag-convergenet-holdings","tag-data-centre-products","tag-headline","tag-ict","tag-networking","tag-sandile-swana","tag-servers-and-storage","tag-voip"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/6768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=6768"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/6768\/revisions"}],"predecessor-version":[{"id":6777,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/6768\/revisions\/6777"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/6589"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=6768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=6768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=6768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}