KLE: Are they fleeing a sinking ship?

Yet another director of KLE Group has jumped ship. The latest resignation is that of N. Patrick McDonald, who has resigned as a Director with effect from December 15, 2013 and as Member of the Audit Committee with effect from December 15, 2013. This comes on the heels of the resignation of Joseph M. Matalon as a Director and Chairman also with effect from December 15, 2013.

KLE Group Limited, which went on the market at an overpriced company, has seen a worsening financial outcome before and after listing. The situation is so bad that they have melted away the funds received in the IPO, having lost $48 million to September this year, leaving $16 million in cash funds compared to $81 million at the end of December last year. Borrowed funds increased by nearly $15 million, which helped to keep the cash on hand at the September level while payables have climbed by $29 million. There were no signs that things were looking better based on the September quarters numbers. To be fair, there was spending of $84 million on acquisition of fixed assets and an asset classified as the Bessa Investment.

The first director to pack up is Garfield Coke who tendered his resignation from the Board and from the Audit Committee as of November 20, 2012.

Related posts | KLE continued losses push Matalon |  Bolt won but he could still loseKLE Group — to buy or not?

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  1. […] had its IPO in 2012 finally gave up trying to turn the struggling entity around and resigned as a Director with effect from August 11, 2014, the Jamaica Stock Exchange was informed today. The signs were on […]

  2. […] Powell a director a second largest shareholder in KLE Group dumped his remaining holdings in the floundering group during Friday’s trading on the Jamaica […]

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