Suffering from severe profitability, liquidity and cash flow problems, IT provider Micrologix has appointed a new controlling shareholder to perform a rescue operation.
Controlling shareholders and former directors of Micrologix say they consider it to be in the best interest of the company to negotiate a change in control to ensure the survival of the organisation.
The company, an IT provider in the healthcare industry, showed an attributable loss of R89.4 million for its maiden year.
In terms of the agreement, controlling interest in the company was acquired by Gandalf Trust from the former controlling shareholder, Dunraven International.
Gandalf Trust says its rescue operation will include a compromise offer to creditors and a restructuring of the company.
The Micrologix board has been reconstituted and Gandalf Trust has applied to the JSE for the change of control to be considered a rescue operation.
Interim results are also being reviewed for accuracy and an announcement with regard to the findings will be made shortly.
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