Aqua Online executive director Jonathan Schneider has resigned from the board of the listed company after the expiration of his two-year contract as corporate financial advisor.
Joint-CEO Brent Shahim says Schneider`s role in the company was one of corporate financial advisor to see the company through its listing, and Aqua Online has no need to fill his position on the board of directors.
"Jonathan really came on board to effect the merger of the three companies that make up Aqua Online as we see it now and to help with the listing of the company. Now that this is complete and the company is well on its way, we don`t see any need to replace him," says Shahim.
Aqua Online reported pleasing interim results to its investors late February, showing headline earnings per share up more than 140% from the corresponding period with attributable earnings leaping 416.3% to R10.44 million.
At the time of the results announcement, Shahim told ITWeb that Aqua would continue to "operate within a framework of strict financial discipline" which saw the company sitting with R32 million cash in the bank at the halfway period.
The Aqua share price remained unchanged at 120c by midmorning today.
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