ITWeb (Johannesburg)
Iain Scott, Itweb Finance Editor
5 November 2003
Johannesburg — Two directors of Durban-based Intervid have chosen not to be re-elected to the board, citing a conflict of interest.
Intervid says the two, Jannie Durand and Alan Grieve, retired in terms of the provisions of the group's articles of association, but chose not to seek re-election.
The conflict of interest arises from the fact that the two are also directors of RFS Holdings, the group's principal loan creditor.
Intervid is currently in talks with RFS regarding the possible restructure of the terms and conditions of a compulsory convertible loan advanced to Intervid International.
The group had intended to propose two resolutions at its annual general meeting this week, relating to the placement of authorised but unissued shares under the control of the directors, and the general authority for directors to issue shares for cash.
However, it says it decided not to propose the resolutions given the fact that the talks with RFS are still in progress.
The Intervid share was untraded at 57c on the JSE this morning.
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