Belinda Anderson
A former financial manager at recruitment, information technology and education group Advtech has been arrested on the charge of suspected fraud, having taken up to R2,5-million from the company.
Chair Brian Buckham says although the amount still has to be confirmed, there will be no loss to the company. Some of the money has been recovered and any potential loss is insured under fidelity cover. The former staff member was arrested last Sunday and released on bail after two days.
Meanwhile, for an unrelated reason, MD Renney Plit is rumoured to be looking to resign. Buckham confirmed that Plit was unhappy about a certain issue and the company was in discussion with him in the hope of reaching some kind of agreement.
Advtech also announced the resignation of director Craig Duff on March 12, effective from the end of April.
Advtech is still engaged in discussions with the Calajero consortium led by corporate financier Mark Barnes and entrepreneur Jonathan Beare about a possible buy-out of the company. An offer was first tabled as a written conditional offer on January 23 at 50c a share, or about R185-million in total. The Advtech board turned the offer down on the basis that it and its advisers did not believe it represented fair value. The group said it was talking to other interested parties as well.
On Feburary 13 Advtech and Calajero announced that they had reached agreement in principle for a buy-out at R299,3-million or the equivalent of 75c a share (a minimum of 60c). A further cautionary was put out on 15 March to say the parties were still in negotiations.
The deal is still subject to a due diligence and the release of its figures should assist in the evaluation process.