Aaron Stanger has stepped down as chairman and CEO of Explorer Corporation to assume a non-executive role.
The chairman`s post is being filled by Justin Chinyata while joint CEOs Yousef Bazian and Colin Clarke have been appointed.
Stanger declined to comment this morning and referred all queries to Clarke, who is still operating from the offices of Loita Capital Partners.
It emerged earlier this year that Loita had made an investment in Explorer, which was suffering from depleted cash reserves, largely because of a series of disagreements with revenue partner Mercantile Lisbon Bank.
Loita made R800 000 cash available to Explorer, with an additional R2 million available in a loan account.
The deal resulted in Loita being allotted 8 million new ordinary Explorer shares at 5c each, giving it a 34.9% shareholding in Explorer.
Clarke said he was unable to comment this morning but would comment later today.
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