Ellies, the JSE-listed electrical products retail company, said yesterday that its business rescue practitioners (BRP) would apply to court to liquidate the company and to discontinue the business rescue proceedings.
The BRPs had concluded there was no reasonable prospect of Ellies being rescued. The company imports, manufactures and sells electrical equipment and does solar installations.
Ellies had announced on January 31, 2023, that it had entered into voluntary business rescue proceedings, and BRPs were appointed early in February.
The company said in the same month that its headline loss for the six months to end-October 2023, would widen to 12.81c-13.73c per share, compared with a loss of 4.58c in the prior comparable period.
Last year, Ellies failed in an attempt to diversify into the renewable energy market, this after its business was impacted by the downturn in DStv’s service modems.
The company said Monday, four of its board members stepped down. Francois Olivier and Sedzani Mudau resigned as non-executive directors from April 5, while Martin Kuscus and Sefenya Edick Lehapa stepped down from April 6.
A month before, Guy Moretti, chief financial officer, and Darren Kramer, an independent non-executive director, resigned. Chair Timothy Fearnhead and CEO Shaun Prithivirajh remained as the only board members.
BUSINESS REPORT