JSE AltX-listed antenna manufacturer Poynting announced that it has entered into a deal with its CEO Andries Fourie to sell some of the company’s divisions – worth about R30.4 million – to a new company he will establish.<\/p>\n
Additionally, Fourie has resigned as CEO and director of Poynting, with effect from 19 December 2014, in order to allow him to “direct his energies in managing the Compart business”.<\/p>\n
Fourie will also incorporate a new company (NewCo).<\/p>\n
Juergen Dresel has been appointed as interim CEO, with immediate effect, while the board is considering the appointment of a new CEO to take the group forward.<\/p>\n
As rationale for the deal, Poynting noted that several of the units being sold off have been incurring losses for some time.<\/p>\n
The businesses – collectively referred to as the “Compart” businesses – include:<\/p>\n
“The losses in Compart are too big relative to the profitable segments within the Group; and it would take significant time and further investment to make these businesses profitable,” the group said.<\/p>\n
“It is uncertain how long it will take for these units to become significant profit contributors to the Group.”<\/p>\n
The value of the net assets being disposed of is R30.4 million and the attributable losses thereto are R11.7 million for the year ended 30 June 2014, the group said.<\/p>\n
Fourie’s trust will transfer 14,000,000 ordinary shares held by it in Poynting to NewCo in exchange for an issue of shares by NewCo, Poynting said.<\/p>\n
NewCo will also take over loans and claims against the units for R35.8 million, which will remain outstanding on the loan account.<\/p>\n
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