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R/€ = 15.73 Change: -0.01
R/$ = 14.00 Change: 0.01
Au 1422.01 $/oz Change: 18.15
Pt 849.23 $/oz Change: 10.83
 
 
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Group Five chair, three directors quit amid business rescue

25th June 2019 BY: African News Agency

Embattled construction engineering company, Group Five, on Tuesday announced the resignation of four directors, including board chairperson Nonyameko Mandindi with immediate effect. 

The group said that other non-executive directors who have resigned were Michael Upton, Edward Williams and Cora Fernandez.

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Mandindi is a professional quantity surveyor and has worked with two listed construction companies in her career. 

Their resignations left the group's eight-member board hollowed out, with only four members left having to steer the ship under interim CEO Edward Williams' leadership. 

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"The board wishes to thank Nonyameko, Michael, Edward and Cora for their invaluable contribution to the group since their appointments in July 2017 under challenging circumstances and takes this opportunity to wish them well for their future," Group Five said.

In March, Group Five resolved to place its companies into business rescue and had applied to the Johannesburg Stock Exchange to suspend trading in its shares after a number of other direct and indirect subsidiaries experienced cash flow difficulties.

The financial constraints were exacerbated by the calling of guarantees in issue of $62.7-million last November and $43.8-million in December relating to the Kpone Gas and Oil-Fired Combined Cycle EPC power plant contract which the client terminated.

In a market update last week, Group Five's business rescue practitioners said it was very unlikely that shareholders would receive any value back on their investments. 

EDITED BY: African News Agency
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