Oceana’s Kuttel quits with immediate effect

Cape Town - Oceana CEO Francois Kuttel has resigned, as he plans to take on a controlling stake in the vessel company in which Oceana [JSE: OCE] has a 25% stake.  

The share price dropped less than a percent (0.8%) on the news, trading down from R83.50 to R82.70.

According to a notice issued to share holders on Tuesday afternoon, Kuttel, a US citizen, plans to take on a controlling stake (75%) of Westbank Fishing. Westbank operates vessels which supply fish to Daybrook Fisheries processing plant. Oceana had acquired Daybrook in July 2015.

The US American Fisheries Act (AFA) requires fishing vessels in the US to be owned and controlled by US citizens.

A bidding process was launched to acquire the 75% stake in Westbank after it became available. Kuttel expressed an interest. “After thorough deliberation the Independent Committee identified Mr Kuttel’s proposal as being the most attractive to Oceana and Daybrook Fisheries,” the notice read.

As a result Kuttel has tendered his resignation with immediate effect as discussions on the Westbank interest has reached the level of legal agreements. These legal agreements are subject to board approval.

Rodney Gerald Nicol has been appointed as interim CEO, effective March 1 2018. He served as an executive director on the Oceana board for 22 years until his early retirement in 2013.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

ZAR/USD
17.51
(+0.82)
ZAR/GBP
22.91
(+1.00)
ZAR/EUR
20.61
(+0.76)
ZAR/AUD
12.54
(+0.96)
ZAR/JPY
0.16
(+1.51)
Gold
1943.69
(-4.17)
Silver
27.05
(-6.92)
Platinum
958.00
(-2.68)
Brent Crude
44.95
(+1.33)
Palladium
2122.00
(-4.39)
All Share
57168.24
(+0.72)
Top 40
52831.61
(+0.76)
Financial 15
10215.75
(+3.21)
Industrial 25
75524.64
(+1.14)
Resource 10
58677.82
(-0.46)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 952 votes
It depends on how the funds are used.
74% - 6353 votes
No. We should have gotten the loan elsewhere.
15% - 1310 votes
Vote