A little over a month after education and staffing group Advtech denied its MD Renny Plit would leave, the group has announced his resignation. Advtech chairman Brian Buckham says the group is moving forward as planned.
The group has taken a battering lately after posting a drop in profits for the last financial year. Three days after posting its financial results, the company announced the termination of Calejero Consortium`s bid to acquire the company for R300 million.
News of Plit`s resignation comes after the company vehemently denied rumours that its MD had left the company just before the announcement of its results on 29 March.
Buckham says Plit had announced his intention to resign at the time of the results but had withdrawn the application.
The group has accepted Plit`s latest resignation, and he leaves the company to "follow his own interests". Advtech will appoint an interim CEO, with Plit making himself available to the group on a consultative basis.
Buckham says Plit`s resignation has not altered the group`s plans and says its corporate advisor Nedcor Investment Bank is currently in ongoing negotiations for the sale of the group`s businesses.
The group`s after-tax profits took a knock in the last financial year, dropping from R30 million to R19 million, although this was after a complete restructuring and rationalisation of the group`s divergent interests.
Buckham says he remains confident that the slimmer and trimmer group will move forward as forecast.
News of Plit`s resignation on Friday saw the Advtech share dip slightly, but in heavy volume with nearly 2.5 million shares changing hands to close at 43c.
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