Planit Technology Holdings has applied for provisional liquidation and suspended trading on the JSE after recapitalisation plans failed.
Although still in the red, Planit had reduced its loss for the financial year to February. Chairman Tony Crosby said at the time that all business units were cash positive but for I-Web Technologies, which was expected to contribute positively in the current financial year.
In addition to the application for provisional liquidation, six of the Planit board members have resigned, including the financial director, chairman and secretary.
No stranger to leadership problems, Planit shareholders ousted the original board and at the time of the last financial results issued in May, management said that it was still untangling dealings undertaken by the original controllers.
Index Capital stepped in to control the company in April after Index member Dale Packham served a year`s stint as CEO in an effort to turn the flailing company around.
The group says the capital restructuring plan failed to satisfy all parties involved and it has no alternative but to apply for the provisional liquidation in order to allow it to review options for continuing operations.
Planit finished its last financial year to February with just under R500 000 in cash and cash equivalents, and a share price of 3c.
News of the liquidation comes after the company would have closed its books for the interim period. The share was suspended at 2c.
Related stories:
Planit claws its way closer to profitability
Share
