Chemicals and fertiliser maker Omnia, whose shares are at a 14- year low amid management changes and a surprise request for more shareholder funding, says it will announce significant impairments in its results later in June.
The group’s shares last traded at R38.16, compared to a high of R155 in March 2018 and R239.30 in September 2014. Omnia said that amid droughts, the emerging-farmers programme “continues to be under stress linked to the financial pressure experienced by farmers”. Omnia said its share schemes, including its broad-based BEE scheme, had required an increased provision for non-cash-share-based payment charges of R54m.
Humphris was replaced as chair by Ralph Havenstein, the board’s lead independent director. Humphris has spent 20 years on the board, including in the capacity of non-executive chair since June 2017. He was previously the company’s MD.