JSE lifts 4Sight’s suspension on bourse
The Johannesburg Stock Exchange (JSE) has rescinded the suspension on 4Sight Holdings and shares are available for trade as of today.
In a statement, the company says the suspension was triggered by the non-publication of its six-monthly interim financial results for the period January to June 2019.
It notes that these have now been audited and approved by the new board, and submitted to the JSE, which opened the way for the group’s shares to return to the ALTX bourse.
“This is an important milestone in getting the company back on track,” says Tertius Zitzke, who was permanently appointed CEO of 4Sight on 29 November 2019. “The board has made substantial progress during its short time in office, and the business is now in a positive position to deliver on growth targets for 2020.”
Since the new board took over at the special general meeting on 6 November 2019, it has successfully removed one of its subsidiaries, Foursight Holdings from business rescue, says the company.
At its first meeting, the board confirmed both the appointment of Zitzke and Eric van der Merwe as chief financial officer. It also finalised the composition of key board committees.
“Now that we have a robust governance structure in place, the group is in a position to capitalise on its strong cash flows and skills base by repositioning itself as an integrated provider of solutions related to the fourth industrial revolution (4IR),” Zitzke says.
“Our executive and management committees recently spent a full day with the non-executive members of the board to provide an in-depth overview of the business and what its potential is. We covered not only what the various offerings and solutions are, but also our go-to-market strategy.
“I’m happy to say that their reaction was very positive, and we now have the benefit of not only a board with a strong governance focus but also one with a clear vision of where we are going strategically.”
The board and exco of 4Sight have agreed that the best way to position the group for growth is to ensure stronger alignment between all the group subsidiaries to provide end-to-end solutions for customers. This presents a change from its past position, where 4Sight saw itself primarily as a holding company.
“4IR presents a set of complex digital transformation challenges for organisations, and we can add real value by providing turnkey solutions that bring together operational and information technologies. 4Sight is greater than the sum of its parts,” he says. “This value-adding approach will be supported by the strong governance we have put in place, along with integrated back-office processes.”
Critically, he continues, 4Sight will go to market with a single sales message, based on client tiering. The team is engaged in developing solution offerings for each tier, which enables sustainable digital transformation. It is also reviewing all group companies to establish whether they are able to contribute to the new group strategy.
To support the company’s expected growth, Zitzke announced a strong recruitment drive, saying a key target is to increase the group’s already impressive talent pool by 30%.“We are optimistic that the new, solid foundation for 4Sight will be finalised by mid-2020, and we are enormously positive about the potential we will unlock by offering solutions tailored to defined client segments,” concludes Zitzke.
“We have an unmatched set of skills backed by strong vendor relationships, and we are now in a position to offer the market what no other company can.”