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Ascendis shareholder activist group happy with job-saving sale of animal health division

Ascendis shareholder activist group happy with job-saving sale of animal health division
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Ascendis: CEO Mark Sardi and activists agree on path forward

Ascendis has managed to avoid business rescue, with CEO Mark Sardi unpacking the recapatilisation agreement on the BizNews Power Hour.

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Debt-for-assets swap: Ascendis reaches compromise deal

Ascendis Health will surrender its valuable international assets to settle debt in a restructuring and recapitalisation deal reached with its lenders. If shareholders approve the transaction, they won’t be left empty-handed, retaining most of the SA businesses. If they don’t approve it, they may be left with nothing. The compromise deal, announced on Wednesday, is the result of months of heavy bartering between management led by CEO Mark Sardi and chief financial officer Cheryl-Jane “CJ” Kujenga and creditors Blantyre Capital and L1 Health. Sardi, a former head of investment banking at Nedbank, has also held CEO and CFO roles at a number of other businesses, including House of Busby, Cipla South Africa and Truworths International. He joined Ascendis more than 18 months ago to lead its turnaround. Kujenga joined in December after leading a balance sheet restructuring process while CFO at Adcorp.

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