The group's shares have been suspended on the JSE for almost a month.
The group’s shares have been suspended on the JSE for almost a month.On Thursday the private schools group, whose shares have been suspended on the JSE for almost a month, announced that its CEO Andrew Robert McLachlan has agreed to step down with effect from August 15.
The CEO was suspended by the PLG board in January, who said at the time he was being is investigated for allegedly flouting corporate governance guidelines. But after he and other family members, including Jason, threatened to have the board reconstituted, he successfully fought his suspension, and returned to lead the company again in March.
“The Initial Loan will be directed, inter alia, to ensure that the audit for the year ended 31 December 2019 is finalised, which would include the acquisition of the claims from the former auditors, payment to the current auditors and IFRS advisor and to ensure that the PLG Schools operations are properly funded,” said PLG in the statement.
Verityhurst is the same company that recently subscribed for R20 million worth of shares in Labat Africa, the company headed by former rugby boss Brian van Rooyen, that has been buying cannabis businesses.
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