The reconstituted Comparex board has yet to complete its review of the group`s businesses, causing it to extend the cautionary notice it issued on 27 June.
Comparex made headlines in June after dissatisfied institutional investors staged a boardroom coup, ousting five non-executive directors and replacing them with their own nominees.
The move gave the institutions - Allan Gray, Investec Asset Management and Sanlam Investment Management - 50% representation on the board. The institutions collectively own about 35% of Comparex`s shares.
The boardroom coup came after Comparex ignored requests to declare a special dividend rather than invest its substantial cash pile in its flailing European operations.
The reconstituted board announced at the end of June that it was conducting an urgent review of Comparex`s strategy.
The share price rose on the news of the coup, as shareholders anticipated being paid a special dividend, reaching 790c on 25 June. However, the downward trend resumed shortly afterwards and the share closed at 650c on Tuesday before gaining 40c or 6% yesterday ahead of the cautionary notice.
The share was trading another 10c or 1.45% higher at 700c this morning.
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