Troubled Top Info Technologies Holdings (Top Tech) has replaced its entire board and appointed an independent adviser to conduct a review of the company.
Top Tech shares on the JSE were suspended at 16c last week at the request of directors.
This was after the resignation of CEO Hans de Nysschen after just a month in the helm. It also emerged that there have been cash flow problems and a possible overstatement of profits.
Nysschen was appointed in January after the resignations of chairman Justin Adriaanse and CEO Chris Kleingeld. The company`s share price plummeted from 142c on 16 January to just 30c on 22 January.
The entire board, including director Marius First, who was tasked with the day-to-day running of the company after De Nysschen`s resignation, has now stepped down and a new board has been appointed.
The new directors are RR Greyling, SB Ngubane, FJ Vermaak and HDR Wason. Asked for the directors` first names, a company spokesman said: "I cannot disclose that information."
Quaestor Capital has also been named as an independent adviser to the company.
Among other things, Quaestor is to conduct a financial and operational overview of the company and its prospects.
Top Tech says the board will decide on a course of action once the review has been completed.
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