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AFR
AFR
AFR - AFGRI Limited - AFGRI Board Resignation
AFGRI LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1995/004030/06
Share Code: AFR
(ISIN: ZAE000040549)
("AFGRI" or "the company")
Press Release
AFGRI BOARD RESIGNATION
Johannesburg - 26 June 2007
The Board of Directors of AFGRI Limited has announced the impending
resignation of its long-standing chairman, Pieter F (Pietman) Erasmus.
Pietman Erasmus, who was due to retire in 2008, has decided to bring his
retirement forward by a year as he considers this to be in the interests of
the company that he has served for many years.
Erasmus gave notice of his intention to resign at the company`s annual
general meeting in Bryanston today, 26 June 2007, when he stated the
intention of submitting his formal resignation to the Board on 24 July,
2007. A new chairman will be elected by the Board at its meeting on the
same day.
AFGRI recently announced a R410 million expansion project in its Products
business pillar. This follows the acquisition and successful integration
of Daybreak Farms and is to enable Daybreak to increase its capacity by
100%. This development could lead to restructuring within the group and,
after an evaluation by the Board, a possible separate JSE listing of the
group`s Products business to unlock value for shareholders.
Erasmus feels, with the company on the brink of such strategically
important developments, he could not responsibly stay at the helm, knowing
that he would not be involved to give his input and guidance over the
period of the process.
Making the announcement, Jeff Wright, managing director of AFGRI Limited,
expressed the Board`s thanks for he extremely valuable contribution that
Pietman Erasmus has made over the many years of his involvement with the
company and wished him well in his farming retirement.
Wright welcomed the fact that Erasmus has agreed to retain a certain level
of involvement in the group after his retirement, including interface with
farmers and industry organisations through AFGRI`s regional advisory
forums.
Ends/
ISSUED FOR: AFGRI LIMITED
CONTACT: Jeff Wright, Managing Director: 011 549 0606 / 082 806
1284
FAX NO: 011 463 4139
E-MAIL: jwright@afgri.co.za
WEBSITE: www.afgri.co.za
ISSUED BY: Letsema Communications
CONTACT: Tish Stewart 011 442 5536 / 082 443 6399
FAX NO: 011 442 5536
E-MAIL: tishstewart@mweb.co.za
DATE: 26 June 2007
Date: 26/06/2007 12:07:01 Produced by the JSE SENS Department.
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