Tue, 25 Feb 2020

Tiso Blackstar financial director resigns

21 Jan 2020, 04:14 GMT+10

Financial director of Tiso Blackstar, Sheenagh Grota, has tendered her resignation, the board announced on Monday.

Though Grota has been with the company for a decade, according to the board, her appointment as financial director was announced just under two months ago, on November 29, 2019.

In a statement issued on the JSE Stock Exchange News Service, the board said it would start looking for a suitable replacement and shareholders would be advised as soon as someone was appointed.

No reason was given for the resignation.

"The Board would like to thank Sheenagh for her valuable contribution to the company over the past ten years and wishes her well in her future endeavours," it said.

In October, the group announced a 22.8% decline in revenue ahead of the takeover of its key media assets - including brands like Sunday Times, Financial Mail and Business Day - by Lebashe Investment Group. At the time, it said it was able to unlock "significant value" with the sale of its media, broadcast and content businesses, which would help it reduce debt.

Tiso Blackstar's share price opened at R3.57 on Monday. By 16.19, Tiso Blackstar shares were trading 5.08% stronger at R4.14 per share.

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