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Astoria Investments askedby RAC to shake up its board

By Sandile Mchunu Time of article published Dec 9, 2019

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DURBAN - Astoria Investments is set to shake up its board after it received a written request from RECM and Calibre (RAC) to include some of its executive directors on the body.

RAC has proposed that Johannes Cornelis van Niekerk, Pieter Gerhardt Viljoen, Christophe du Mée and Nicolas Fabien Hardy be appointed to the Astoria board.

The move comes after three members of Astoria’s board indicated that they will step down next month.

RAC became a majority shareholder in Astoria after it increased its stake in the company to 78.45percent after acquiring more than 60million shares in the investment company for R2.40 a share.

RAC held a 29.4percent stake in Astoria at the beginning of last month.

The shares were acquired through its wholly owned subsidiary, Livingstone Investments.

The group said the shares were acquired from Hampden Capital, Legae Peresec and various portfolios managed by 36ONE Asset Management for an aggregate cash consideration of R144.72million.


Astoria has primary listings on the Stock Exchange of Mauritius and the Alternative Exchange (AltX) of the JSE and a secondary listing on the main board of the Namibian Stock Exchange.

Astoria informed its shareholders that Peter Todd and Peter Armitage have notified the board of their intention to resign as non-executive directors of the company, with effect from January 17, 2020, while Tiffany Purves has notified the board of her intention to resign as chief financial officer (CFO) with effect from December 17 and as chief executive, with effect from January 17.

Dean Schweizer, who was appointed as non-executive director in January, will be appointed as a CFO of Astoria.

“In anticipation of the resignation of Tiffany Purves, shareholders are advised that Dean Schweizer, who was appointed as a non-executive director of the company on January 10, 2019, will be appointed as chief financial officer of the company with effect from December 17,” the group said.

The appointments of the directors will be approved by shareholders at the next annual general meeting or a special meeting.

Astoria shares closed unchanged at R2.35 on Friday.

BUSINESS REPORT 

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