The new board of directors of Planit Technology Holdings has been formally announced after disgruntled shareholders voted the entire board out of office at a general meeting last month.
The meeting was called with the express purpose of ousting the board after shareholders felt that bad management resulted in Planit`s market capitalisation falling from R1 billion to R40 million.
The share has fallen from 192c in August 1998 to current levels of around 6c.
Planit sustained an operating loss of R9.4 million in the six months to August last year, compared with a profit of R4.2 million a year earlier and R28.8 million at the February 1999 year-end.
This was despite the fact that gross revenue for the six months more than doubled to R29.4 million from R10.5 million at the previous interim stage.
The board said at the time that this was mainly because of higher than budgeted expenses relating to the development of new products.
Acting MD and CEO Dale Packham is the only executive member of the new board, replacing Jaco de la Rouviere, with Tony Crosby the acting non-executive chairman, replacing Johan van den Burgh.
Charles Apperley, Brian Packham and FG Basson are non-executive directors.
The main instigators of the move to oust the previous board, Andre Potgieter and Johan Coetzee, are the original owners of two divisions within the group.
They said they were motivated by the fact that the board had lost investors` confidence and the company was in danger of liquidation since bankers and creditors had lost patience.
The original board consisted of De la Rouviere, Van den Burgh, Lucas Potgieter and Sarel Gouws.
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