Troubled JSE-listed technology group Faritec continues to teeter on the edge. It has scrapped a plan to raise much-needed additional working capital through a partially underwritten rights offer. Instead, it has proposed raising R30m from management and a company called Tabara Investments. It also plans to convert money owed to creditors to equity and sell [...]
Companies owed money by Faritec will have to opt for shares in the troubled JSE-listed IT group, or risk losing the money they’re owed. The group, which is fighting to stave off closure, plans a fresh R60m rights offer to raise the cash it needs to continue trading. Faritec’s largest shareholder, Shoden Data Systems, and [...]
Management and shareholders of Faritec remained locked in talks late on Wednesday as they sought to pull the JSE-listed IT group back from the brink. The group is expected to publish details of a new rights offer in the next few days as it seeks to raise at least R60m to ensure it has sufficient [...]
Shoden Data Systems has agreed to underwrite and fund partially a new rights offer by Faritec aimed saving the company from collapse. This comes after talks between Faritec and an unnamed international party, aimed at raising an additional R60m in funding, broke down, casting fresh doubts on the ability of the JSE-listed IT company to [...]
Talks aimed at raising an emergency loan to keep JSE-listed Faritec afloat are taking longer than expected, the IT group warned shareholders on Thursday evening. Faritec is hoping to secure about R60m to implement its “turnaround and growth strategies, normalise trading conditions with trade creditors and ensure adequate working capital to execute its business plan”. [...]
Faritec management remains confident that the troubled JSE-listed IT group will return to profitability in the financial year to June 2010, in spite of expecting to report a loss in the six months to December 2009. However, it has had to seek an additional R60m in funding to ensure it has sufficient working capital. “In [...]
Faritec has pulled itself back from the brink of financial ruin and should break even or even post a small profit in its 2010 financial year. But more cost cutting may be necessary to get there. That’s the word — and warning — from newly appointed Faritec CEO Fanie van Rensburg after the JSE-listed technology [...]
Full-year results of troubled JSE-listed IT group Faritec are likely to paint a picture of a company in dire financial straits. It warned investors on Friday, after the markets closed, that it expected to post a headline loss of about 36c/share. The company, which is under new management following the recent departure of CEO Simon [...]
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