JOHANNESBURG – The share price of JSE-listed technology group 4Sight Holdings tumbled 24 percent to 16 cents after its chairperson of the audit and risk committee, Geoffrey Carter, quit due to a “untenable situation” at a major subsidiary level amid a board room battle.
4Sight said in a SENS statement: “Carter has resigned due to the untenable situation at a major subsidiary level, which has led to such subsidiary executives sending a variety of emails containing, inter alia, false accusations.”
4Sight warned shareholders in August that the board had received correspondence from a shareholder holding at least 5 percent of the voting rights in the company that required it to call a special meeting, the aim being to reconstitute the board.
The company, which subsidiaries include Foursight South Afra, BluESP and AGE Technologies, failed to name the subsidiary in the statement.
The dispute appears to have snowballed. 4Sight is expected to hold a special meeting on shareholders on Friday.