…and more temping
SPEAKING OF temporary financial directors, Finweek was interested to see the appointment of former Sekunjalo executive Peter van Zyl as temporary FD at struggling crane group SA FRENCH, which has been without an FD since mid-2010.
Appointing Van Zyl, an unassuming but very capable fellow, to SA French is perhaps not that surprising. He’s now associated with Afrasia Corporate Finance, which put together (all things considered) a rather inspired re-financing package for SA French a few weeks ago. While SA French would be happy to have a numbers man on board again, Afrasia will be reassured they have a man in the mix. It looks like Afrasia will end up holding a sizeable stake (perhaps as much as 20%) in SA French after agreeing to be an underwriter in a R20m rights issue.