During 2019, the Accéntuate Board decided to focus strategically on the flooring business. As a result, the Safic business has been deemed as non-core and a process commenced to dispose of this business. At the General Meeting held on 26 October 2020, this disposal was concluded effective 31 December 2019.
Despite the disposal of Safic, the Company has been under significant liquidity constraints and has reported ongoing financial losses over a number of reporting periods. Shareholders have also been advised of the ongoing review by the Company’s principal bankers of the overdraft and other banking facilities. Over a period of more than twelve months the Board engaged with Shareholders and private equity companies in an effort to recapitalise the Company. As the prospect of success diminished and the cashflow constraints increased, the options of liquidation or business rescue were tabled and considered to be the only alternative if recapitalisation was unsuccessful. Pruta Securities (Jersey) Limited (Pruta) then made an offer of R0,10 (ten cents) per share and was considered acceptable by the Board as a better solution for all stakeholders as opposed to liquidation or business rescue.
The General Meeting for this Scheme was held on 28 December 2020 and the the offer of R0,10 (ten cents) paid to eligible Shareholders. Accéntuate Shares was terminated on the Alternative Exchange of the JSE on 26 January 2021.
The Board of Directors was reconstituted and the resignations of Messrs Ralph Patmore, Andile Mjamekwana, Pieter Kriel and Eric Ratshokhopa were accepted effective 1 February 2021. Mr Fred Platt was appointed as Non-Executive Director on the Board.
FloorworX Africa (Pty) Ltd and Accentuate Management Services (Pty) Ltd are the only two wholly owned subsidiaries left and are operated by its own independent Boards.
With over 65 years of business experience, FloorworX is the only manufacturer in South Africa who produces semi-flexible vinyl tiles and fully-flexible vinyl sheeting and tiles. Our locally manufactured products are SANS mark-bearing.
Quality control and the environment are key factors when selecting your partner in any building related product or service. Our East London factory is ISO 90001 and OHSAS 18001 accredited.
Apart from the fact that FloorworX is proudly and deeply rooted in our beautiful country, and thus has our economy’s welfare at heart, FloorworX also branches out internationally to bring South Africa the latest in flooring technology from abroad.
FloorworX distributes a comprehensive range of internationally renowned resilient floor coverings, wood laminates, luxury vinyl planks and engineered wooden floors.
A wide range of flooring adhesives, accessories, floorcare and Bona machine & maintenance products can also be acquired through FloorworX.
In addition, FloorworX offers technical advice on sub-floor preparation; gives floor installation support, as well as cleaning and aftercare assistance.
With FloorworX as your partner in flooring, you can’t go wrong!
FloorworX distributes a comprehensive range of internationally renowned resilient floor coverings, entrance systems, acoustic and compact flooring, safety, static control, linoleum, sports flooring, flocked flooring, transport flooring, soft flooring, wood laminates, luxury vinyl planks and engineered wooden floors.