Comparex is hoping to make a decision on its black economic empowerment programme by the end of this quarter.
The market is awaiting news of a possible special dividend to be paid out of the large cash pile on which Comparex has been sitting since it sold its shareholding in Dimension Data.
Comparex held about 250 million Dimension Data shares as a result of the sale of the group`s European networking business to Dimension Data in 2000.
Controversy surrounding the cash pile resulted in a boardroom coup being carried out last year by dissatisfied institutional investors who ousted five non-executive directors and replaced them with their own nominees.
The coup came after Comparex ignored requests to declare a special dividend rather than invest the cash in its flailing European operations, subsequently sold to the management of those operations.
Investor relations spokesman Diana de Sousa says a decision about a special dividend will be made once the empowerment issue is finalised.
"We sent invitations last year to potential partners interested in working with Comparex on an equity level and we are receiving proposals this week," she says.
The group hopes to make a decision by the end of this quarter.
The Securities Regulation Panel (SRP) is scheduled to hold a hearing next month on whether there was concert-party activity related to the boardroom coup.
De Sousa says the matter has been driven by the share option scheme trustees, who represented the previous board.
CEO Peter Watt said last year that an oversight resulted in the trustees not being replaced. That oversight saw the share option scheme, representing 15% of the group`s shares, voting against the sale of the European operations. This was not enough to scupper the deal.
De Sousa says although the SRP investigation will not be dropped, there is general agreement in the group that the trustees should be replaced.
"Wherever the SRP investigation is at that stage, they [the new trustees] will decide in the best interests of the scheme."
Warren Clewlow, the only non-executive director to survive the boardroom coup, stepped down from the Comparex board last week, saying he had met his objectives at the group.
De Sousa says Clewlow had been planning to resign for some time.
Related stories:
Comparex to review JSE listing
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European figures cast pall on Comparex results
Investors oust Comparex non-executive directors
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