4Sight Holdings takes decisive steps to put its house in order:
7 NOVEMBER 2019 – JOHANNESBURG – 4Sight Holdings (4Sight) is pleased to announce that its adjourned Special General Meeting (SGM), which reconvened on 6 November 2019, has been successfully concluded. The SGM had been called by the shareholders with the aim of voting in a new, fit-for-purpose board with the requisite skills to develop a long-term strategy capitalising on the group’s excellent potential in the area of the Fourth Industrial Revolution (4IR), and its strong cash position.
The new board of 4Sight as stated in the SENS of 30 October 2019 will be Tertius Zitzke, acting Chief Executive Officer; Eric van der Merwe, acting Financial Director; and five independent non-executive directors: Marichen Mortimer, Johan Nel, Christopher Crowe, Andrew Murgatroyd and Herman Singh. The two acting executive positions will be confirmed once the new board has held its first meeting.
“The new board includes five independent non-executives with impeccable credentials and the right mix of skills and experience needed to help 4Sight overcome its current challenges and realise its immense potential,” says Mr Zitzke. “Good governance is the foundation of a successful company, and the new board has been chosen with these principles at the core of its operations. We are delighted that individuals of this calibre have seen beyond the boardroom politics to the true potential of the company, and with their guidance I am confident in the company’s future growth.
“The newly appointed exco has already begun the process of developing a comprehensive, group-wide strategy for 4Sight, which will be presented to the new board as soon as possible.”
Mr Zitzke advises that the company is still to appoint two Mauritian residents to the board as the company is registered in that jurisdiction, and that this process is under way. In the meantime, the new independent board will meet on Friday to begin tackling the various issues facing 4Sight.
An important step in stabilising the company will be the publication of the interim financial results. Non-publication of these results by the previous board within the timeframes stipulated by the JSE, resulted in 4Sight being suspended from the exchange. Mr Zitzke says that the interim results have been completed and are currently being reviewed by 4Sight’s auditors. The target date for publishing these results is 30 November 2019, once the new board has approved them. The JSE will then rescind the suspension.
The executive directors are currently in discussion with the business rescue practitioners regarding the removal of one of the group’s South African subsidiaries, Foursight Holdings (Pty) Ltd (Foursight), from business rescue. Foursight was precipitously placed into business rescue on 10 October 2019, a day before the SGM was convened.
In its SENS announcement on 15 October 2019, 4Sight noted that while Foursight is a profitable business that generates large cash reserves, it had experienced a temporary liquidity problem.
The new board is confident that it will be able to resolve this issue and remove Foursight from business rescue as soon as possible.
“4Sight is reverting to the originally stated objectives in the prospectus of being a leading 4IR technology company, and capitalising on the synergies resulting from the various companies in the group. 4Sight has made huge strides in building a significant, cash-generating business in products and solutions relevant to 4IR. The group operates in over 20 countries and has long standing blue chip clients in its three clusters. We truly have a unique skills base of engineers, data scientists and IT specialists, able not only to create solutions but implement them – a rare capability in the South African market,” Mr Zitzke says. “Our new strategy will build on these strengths and put the framework in place that will ensure all the group companies pull together with a single goal in mind.”
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