Durban-based Conlog Holdings says it will continue trading and will appoint new board members. Directors of the prepaid metering company also announced a 15c dividend for shareholders.
Conlog sold business operations to Merlin Gerin for R88 million in July, leaving some shareholders steaming. While several shareholders demanded their money from Conlog, others pushed for shareholder representation at board level.
Directors under the temporary leadership of Allan Pheiffer agreed to take shareholder concerns to board level for discussion. If fears were not allayed at board level, they agreed the matter would be addressed at the annual general meeting.
Results of the directors` meeting show additional directors being appointed to the board, but the new appointees will only be announced when they have accepted the position.
Conlog has also formed an investment committee to review any acquisitions that Conlog will make in the future. The board will include Anthony Behrmann, Ron Haywood, Shaun Rai and Barry Havenga as well as representation from the newly appointed directors.
If any acquisitions associated with the Cape Empowerment Trust (CET) are being considered, board members associated with CET will recuse themselves from the decision-making process.
After the sale of Conlog, a capital profit remains which directors say will facilitate a dividend payout of 15c per share to shareholders registered with the company as of 25 August.
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