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Johannesburg - Media group Avusa [JSE:AVU] saw its share price down almost 4% in midday trade on Tuesday, but an equities trader said it was not as a result of the resignation furore surrounding the company.
"Only 244 shares have traded, that's quite small and it's quite a wide double. Had it been due to the rumours we would have seen it trading down on a lot more volume. I wouldn't read too much into it," the trader said.
The company's AGM on Monday was marked by the surprise resignation of its chairman, Adv Dumisa Ntsebeza.
Two non-executive independent directors, Tom Wixley and Babalwa Ngonyama also resigned.
Though Ntsebeza refrained to comment on his exit, Wixley said shareholders had interfered with board responsibilities.
"It is their company, I acknowledge that. But once a board has been put in place it must be allowed to run the company," he said at the AGM.
According to industry rumours it is believed that the group's CEO, Prakash Desai was also planning to leave the company "soon".
At 12:18, Avusa's shares were down 3.87% to R22.60 from its closing price on Monday of R23.51.
"Only 244 shares have traded, that's quite small and it's quite a wide double. Had it been due to the rumours we would have seen it trading down on a lot more volume. I wouldn't read too much into it," the trader said.
The company's AGM on Monday was marked by the surprise resignation of its chairman, Adv Dumisa Ntsebeza.
Two non-executive independent directors, Tom Wixley and Babalwa Ngonyama also resigned.
Though Ntsebeza refrained to comment on his exit, Wixley said shareholders had interfered with board responsibilities.
"It is their company, I acknowledge that. But once a board has been put in place it must be allowed to run the company," he said at the AGM.
According to industry rumours it is believed that the group's CEO, Prakash Desai was also planning to leave the company "soon".
At 12:18, Avusa's shares were down 3.87% to R22.60 from its closing price on Monday of R23.51.
