Adapt IT s headquarters in Johannesburg. Photo supplied
Adapt IT s independent board, made up of its non-executive directors, has agreed with an expert that a takeover offer from Huge Group is too low.
The board also has concerns about Huge s BEE status and synergies between the two companies.
Adapt IT s CEO has taken leave following an accusation from his estranged wife that he orchestrated a violent attack on her partner.
An independent review into the terms of Huge Group’s hostile bid for software group Adapt IT found that the terms of the offer are unfair and unreasonable to Adapt IT shareholders.
EY partners depart, create new consultancies
May 17, 2021 – 3.42pm
Share
Matt and Simone Rennie have founded a new consultancy,
Rennie Partners. The new firm is Queensland-based and will offer strategic, regulatory and commercial advice for companies navigating the transition to a net-zero carbon future. The firm will begin operating in June.
EY’s Australian energy advisory business for the past 10 years and was also the head of the firm’s global energy reform business. He has provided advice to boards and executives across the world about the transition to a lower carbon economy. He became a partner in 2011 after selling his company
Adapt ITâs CEO begins fight back
By Sandile Mchunu
Share
DURBAN - ADAPT ITâs under-fire chief executive Sbu Shabalala yesterday hit back at claims that he hired armed thugs to assault the partner of his estranged wife.
The negative publicity hurt the groupâs share price as it fell by more than 13 percent on Monday when the allegations surfaced and Shabalala agreed to go on leave for a period of three months.
Yesterday, the share price closed at R6.45 on the JSE.
Adapt IT has since appointed chief commercial officer Tiffany Dunsdon in an acting capacity.
âThe allegations against me are without merit. The best way to deal with them is through the judicial system. This is not only to clear my name of wrongdoing but also reveal those who are using my proximity to the situation to serve their own ends. This campaign is cold-hearted and must be condemned,â Shabalala said in a letter addressed to the media.
Adapt IT shares tumble as CEOâs reputation is questioned
By Sandile Mchunu
Share
DURBAN - ADAPT IT S share price fell by more than 13 percent on the JSE yesterday after media reports about its chief executive - Sbu Shabalala - emerged which have dented his reputation.
Shabalala has been cited in the weekend media as having allegedly hired armed thugs to beat the partner of his estranged wife.
Adapt IT said it had granted Shabalala leave of absence, at his request, for three months with effect from May 10, 2021 to attend to personal matters.
Tiffany Dunsdon, chief commercial officer, would assume the role of interim CEO for the next three months.
Supplied
The JSE-listed Adapt IT s founder Sbu Shabalala is fighting back against accusations that he orchestrated a violent attack on his estranged wife s partner.
He says that that the attack was unrelated to him, and the allegations are without merit .
The reported victim of the attack is s
uspended eThekwini city manager Sipho Nzuza, who is out on bail in a R430m tender fraud case.
Adapt IT founder and CEO Sbu Shabalala has broken his silence following allegations that he orchestrated a violent attack on his estranged wife Neo s new partner, suspended eThekwini city manager Sipho Nzuza.
The Sunday Times reported that Neo Shabalala filed for an urgent interdict against her husband. She accused him in an affidavit of ordering an attack on Nzuza, who reportedly ended up in hospital after intruders entered their home, according to the newspaper.