Board, chief financial officer ‘at odds’

A SERIOUS difference of opinion appears to have arisen between the board of financially troubled listed ready-mix concrete and aggregates supplier WG Wearne and the company’s chief financial officer, Marius Bierman, over the company’s longoutstanding financial results. WG Wearne reported yesterday that its board had concluded “a mutual separation agreement” with Bierman, who resigned on Saturday. The Johannesburg Stock Exchange on July 2 suspended trading in WG Wearne’s shares because of the company’s failure to comply with its listing requirements by not submitting its provisional financial statements for the year to end-February within the three months stipulated. WG Wearne said last month that it had put in place a programme to ensure its provisional financial results were released by no later than July 30 and that discussions with major shareholders about the recapitalisation of the group were still ongoing. However, the company said at the beginning of this month that it only expected to release its annual financial statements by August 31. “The discussions with major shareholders regarding the recapitalisation of the group is still ongoing and shareholders will be updated regarding the outcome of these discussions,” it said. The need for the recapitalisation of WG Wearne followed its termination in May this year of a funding agreement entered into with US private equity firm Milost Global last year. Milost Global had in terms of an equity subscription agreement committed to invest up to R300 million in WG Wearne, which claimed Milost Global had failed to fulfil its obligations in terms of this agreement. WG Wearne said yesterday that Daleen Oosthuizen had been appointed to complete the outstanding annual financial statements. – Roy Cokayne LASER GROUP