Du Toit retains 'substantial' stake in Spicer

By Iain Scott for Spicer

Johannesburg, 25 Apr 2001

Spicer chairman Sas du Toit says he remains a substantial shareholder in his company despite selling a 3.3% stake worth R1.4 million this week.

Du Toit says that reports that the shares were dumped on the market are inaccurate, since they were sold in a private deal.

"The reason I sold the shares is a personal matter which doesn't have anything to do with the company," he adds.

Du Toit says he still holds a substantial stake in Spicer and remains confident about the company's prospects.

Spicer disposed of all its local interests last year after incurring substantial losses. It now derives its revenue from two offshore operations, Inter IT-Konsult in Sweden and MIS-CDS in the UK.

The group announced in February that it had returned to profitability, reporting operating profit of R2.5 million on revenue of R43.4 million.

The Spicer share, which closed at 8c yesterday, was unchanged on the JSE by late this morning.