The new board at Comparex has instigated an "urgent and comprehensive revue of the group`s strategy", while the Securities Regulation panel debates whether institutional shareholders should make a minority offer.
Comparex announced to the investment community that Investec representatives David Nurek and Reg Berkowitz had been appointed as acting chairman and deputy chairman respectively.
Don Jowell, Francois van der Merwe, and Lize Lambrechts were also appointed as non-executive directors.
The move comes after Comparex institutional investors, Investec, Allan Gray and Sanlam ousted five non executive directors from the Comparex board, including Chairman Russell Chambers.
The investors took the action after the JSE-listed solutions provider ignored requests to declare a special dividend rather than invest its substantial cash pile in its flailing European operations.
The five non-executives tendered their resignation on Monday before a special general meeting was called to have them removed.
The new board announced it would immediately instigate an "urgent and comprehensive reviewe of the group`s strategy" and would communicate the outcome of the action to investors as soon as possible.
Meanwhile the Securities Regulation Panel has confirmed that it is looking into demands by the remaining executive directors that the institutional investors should make an offer to minority shareholders.
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