Education and staffing group Advtech is no longer trading under cautionary, saying negotiations to sell the company or its businesses have been terminated.
JSE sentiment was reversed today after the Advtech share climbed 3c yesterday on the news that negotiations to sell had been terminated. Today the price dropped 5c to trade at 37c by mid-morning.
Advtech terminated negotiations for its sale to the Calejero Consortium in early April before the due diligence had commenced. However, the company`s corporate advisor, Nedcor Investment Bank, said it was investigating other potential buyers.
The company also announced yesterday that its chairman Brian Buckham has stepped in as acting CEO, with Hugh Brown as his acting deputy CEO.
Buckham has been with the group since its inception, stepping down as CEO in 1995 to assume the role as executive chairman.
Brown will be responsible for "implementing initiatives to enhance operational structures and efficiencies within Advtech".
Advtech`s books close at the end of June, with announcement of the figures expected in late August.
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