Pere­grine de­lays chief ex­ec­u­tive’s de­par­ture due to re­struc­tur­ing

The Star Early Edition - - COMPANIES - Sandile Mchunu

THE PLANNED re­struc­tur­ing of fi­nan­cial in­vest­ment com­pany Pere­grine Hold­ings is set to de­lay the de­par­ture of cur­rent chief ex­ec­u­tive Jonathan Hertz un­til at least to the end of July.

The group wants to keep Hertz on board un­til there is a clear di­rec­tion about the re­struc­tur­ing process.

Hertz was set to leave at the end of June, but the group has asked him to ex­tend his exit for an­other month.

The cur­rent chief fi­nan­cial of­fi­cer Robert Katz will hold the fort from Au­gust 1 on an in­terim ba­sis un­til a new chief ex­ec­u­tive has been ap­pointed.

The board has run a search process re­sult­ing in a short-list of po­ten­tial can­di­dates from which an ap­point­ment could be made.

Pere­grine has sought dis­pen­sa­tion from the JSE for Robert Katz to con­tinue in his role as chief fi­nan­cial of­fi­cer as well dur­ing this in­terim pe­riod.

The group said the aim was to fi­nalise and im­ple­ment the re­struc­ture and un­bundling by no later than the end of the cur­rent cal­en­dar year and share­hold­ers would be ad­vised on the progress in due course.

In its re­sults Pere­grine re­ported a de­cline of 16 per­cent in nor­malised head­line earn­ings to R499 mil­lion for the year to end March, down from R591m re­ported in 2016. Nor­malised head­line earn­ings per share also fell by 16 per­cent to 231.6 cents a share, down from 276.3c while nor­malised op­er­at­ing rev­enue de­creased by 8 per­cent to R2.33 bil­lion, down from R2.52bn as com­pared to 2016.

De­spite the lower earn­ings dur­ing the pe­riod, the group was happy about the per­for­mance of some of its di­vi­sions.

“There was growth in earn­ings from the op­er­at­ing busi­nesses of Pere­grine Cap­i­tal, Pere­grine Se­cu­ri­ties and Java Cap­i­tal, while the stronger rand im­pacted neg­a­tively on the earn­ings of Ci­tadel and the trans­lated earn­ings of Sten­ham. Higher re­turns from pro­pri­etary in­vest­ments within the hedge funds were off­set by sig­nif­i­cant de­creases in the value of listed in­vest­ments,” the group said.

Sten­ham’s prof­its de­clined to R74m, down from R144m in 2016. The group de­clared a div­i­dend of 155c a share.

Pere­grine shares rose 4 per­cent on the JSE yes­ter­day to close at R28.60.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.