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Johannesburg - Shares in AltX-listed financier African Dawn have slumped 14% as shareholders have turned hostile and removed the executive directors.
CEO Marius van Tonder, financial director Connie van Nieuwkerk and chief operating officer De Wet Vivier were asked to step down at the company's annual general meeting (AGM) on Thursday.
As a further slap in the face, a resolution about directors remuneration was not approved, nor were two other resolutions allowing the company to issue shares for cash or the placing of unissued shares under the control of the directors.
It has been a bad day all round for Van Nieuwkerk who doubles up as the financial director at Alliance Mining. The mining group has had its listing on the JSE suspended on Thursday.
African Dawn, once a success story of AltX, has been brought to its knees following revelations that one of its subsidiaries - Corporate Money Managers - has been placed into curatorship after irregularities were discovered at one of its underlying businesses.
The company has seen its share price slump from 450c in 2008 to current levels of around 100c.
The stock took a further tumble on Thursday, trading 14% down at 92c/share.
- Fin24.com
