Struggling stationery group CNA has removed Benjamin Trisk as a director from its operations after a meeting on Monday, according to a statement from the company’s former CEO.
The management team at CNA allegedly tabled a resolution to remove Trisk as director of CNA operations, which Trisk has labelled as “preposterous” and “spurious”.
Trisk claims he will go to court.
JSE-listed investment group Astoria previously sold its 70% interest to the rest of the management team, including CNA operations director Rob Shortt, CFO Nazir Patel and director of procurement Olinka Nell.
Astoria purchased CNA from Edcon in February last year for R1 and subsequently contributed further capital to pay for transaction costs.
Trisk, who holds the remaining 30% of CNA, said he and his legal team believed the share purchase from Astoria by the rest of the management team was “unlawful” and carried consequences for any funding the group was trying to negotiate.
The group, whose landlords and suppliers have experienced delays in payments from the stationer, has openly said it is facing major financial problems. It also says its problems were worsened by the shadow cast by the legal battle between Trisk and his former employer, Exclusive Books, which became public knowledge six weeks ago.
After CNA received negative feedback about this from funders and creditors, members of its management team held a meeting with Trisk on April 19, where they say he offered to resign. CNA has told him it has accepted his resignation from that date. Trisk has denied these claims.