Bill Venter to step down as Altron non-exec chair

VCP is an investment company founded by Antony Ball, founder and ex-CEO of Brait, and Sam Sithole, ex-CFO of Brait.

Altron plans to tap the investment to accelerate growth plans as well as issue new shares to VCP. Altron further plans to provide VCP with an approximate 15% stake.

The Venter family has agreed that if the transaction is successful, it will collapse Altron’s current control structure through the conversion of the company’s low-voting shares into a single class of voting shares.

“Currently I and the Venter family have a 57% voting position in the Altron Group, but our economic position in the Group is approximately 17.5%,” said Bill Venter in a statement.

“Going forward, the family will maintain its economic position and, subject to regulatory approval, a mechanism will be put in place that will afford the family a 25.1% voting position.

“This will remain in effect as long as the Venter family holds an economic interest of more than 10% in Altron,” Venter added.

Bill Venter, who founded the company about 51 years ago, further announced that he will retire as non-executive chair at the end of the company’s current financial year.

He plans to assume the role of chairman emeritus and will remain a non-executive director.

Plans to replace Altron’s current CEO, Robbie Venter, are also underway. Robbie Venter is Bill Venter’s son.

“The board of directors will appoint a new independent chairman from within its ranks and will, in due course, continue with the process of recruiting a Group Chief Executive as replacement for Robbie Venter, who will then become a non-executive director,” said Altron in its statement.

“As part of VCP’s investment, Messrs Ball and Sithole will join the Board. The board is also looking to appoint new members who have a strong background in information technology,” said the company.

Altron’s share price soared over 16% in trade on Tuesday to close at R9 in Johannesburg amid the announcement.