Jasco Electronics is again looking for a company secretary, after Emma Mashilwane resigned less than a year after being appointed.
Chief operating officer (COO) Martin Lotz is temporarily taking on the function in addition to his regular responsibilities.
He was company secretary and financial director until November 2004, when a management reshuffle saw him take up the new post of COO, responsible for the internal management of Jasco`s operating divisions.
Lotz says there is "nothing sinister" in Mashilwane`s resignation.
"She had an offer she couldn`t refuse, and which we couldn`t match," he says.
Mashilwane was appointed in August last year as a finance executive, with the added responsibility of the company secretary.
However, Lotz says the company has now decided to create a full-time company secretary post, as corporate issues are becoming more numerous and complex.
"We`ve started looking, and we`re hoping to find someone soon," he adds.
Acquisition strategy
Lotz says the group will also still look for acquisitions, despite the disappointment of recent acquisition talks breaking down.
Last week, Jasco withdrew a cautionary notice relating to talks with an undisclosed party. The negotiations were first announced in March.
"We were very disappointed because we did a lot of work on it," Lotz says. However, in trying to balance price and risk, the group found after a due diligence exercise that the risk was too high for the price.
"But the seller wouldn`t budge on the price," he adds.
Lotz says Jasco still intends to make acquisitions. It plans to remain a listed company, but it needs to be bigger to be able to attract serious investors, he notes.
In the last financial year, 30% of the group`s growth was organic.
"We want to stay listed, but organic growth alone will take too long," he says. However, he stresses that the company will not make purchases simply for the sake of doing so, but will ensure there is a strategic fit and value-add.
The Jasco share, which shed 9c or 3.1% to close at 285c yesterday, was trading unchanged early this morning.
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