| Mon 14 Apr 2008, 17:05 | | BLU - Blue Label Telecoms Limited - Voluntary anno |
|
BLU
BLU
BLU - Blue Label Telecoms Limited - Voluntary announcement
Blue Label Telecoms Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/022679/06)
Share code: BLU & ISIN: ZAE000109088
("Blue Label" or "the company")
Voluntary announcement
Blue Label Telecoms: Results of the investigation by the JSE Limited and the
Blue Label Board appointed sub-committee into contraventions of the JSE
Limited Listing Requirements by Directors.
The Board of Directors of Blue Label makes this announcement following:
- an investigation carried out by the JSE Limited ("the JSE") into the
dealings in Blue Label shares by certain directors of The Prepaid
Company (Pty) Ltd ("TPC") (a major subsidiary of Blue Label), and their
spouses; and
- an investigation carried out by a committee of Blue Label Non-Executive
Directors ("the Committee"), appointed by the Board, under the
chairmanship of Mr Larry Nestadt, into:
- the conduct of the Directors concerned;
- compliance by all of the members of the Board of TPC with the JSE`s
Listing Requirements ("Listing Requirements") in relation to share
dealings; and
- the adequacy of processes in place at Blue Label to ensure
compliance with the Listing Requirements.
The summary of the JSE findings is as follows:
- Mr Diamond was found to have contravened Rules 3.65, 3.66, 3.71(a) and
3.72 of the Listing Requirements in that he did not obtain clearance
from the Blue Label designated Director prior to his dealing in Blue
Label shares, did not communicate in writing to his spouse the
requirement that she advise him immediately upon trading in shares and
did not announce these trades on SENS within the prescribed time period.
Mr Diamond was publically censured by the JSE Limited, and a fine of
R100,000.00 was imposed (of which R60 000.00 has been conditionally
suspended for 12 months);
- Mr Kaplan was found to have contravened Rules 3.71(a) and 3.72 of the
Listing Requirements in that he did not communicate in writing to his
spouse the requirement that she advise him immediately upon trading in
shares. Mr Kaplan was privately censured by the JSE; and
- Mr Prosser was found to have contravened Rules 3.65 and 3.66 of the
Listing Requirements in that he did not obtain clearance from the Blue
Label designated Director, prior to purchasing Blue Label shares, and
did not announce these trades on SENS within the prescribed time period.
Mr Prosser was privately censured.
Messrs Diamond, Kaplan and Prosser accept the decision of the JSE.
The summary of the Committee findings is as follows:
The conduct of Messrs Diamond, Kaplan and Prosser has caused damage and
embarrassment to Blue Label and its stakeholders and requires censure in the
form of a reprimand from the Board;
Their conduct does not justify their dismissal or the termination of their
directorship, nor would it be in the best interests of TPC, Blue Label and
its stakeholders for their employment or directorship to be terminated;
Every member of the Board of TPC has confirmed in writing that there are no
dealings in Blue Label shares by them or their associates beside the share
dealings that have already been reported;
Additional measures have been put in place to ensure that all Directors are
aware of their compliance obligations under the Listing Requirements in
relation to share dealings; and
All directors of the Blue Label Group, in respect of whom the Listing
Requirements have application, have been required to attend a workshop on the
Listing Requirements, under the auspices of the JSE on the 16th April 2008.
The Board is pleased that these matters have finally been determined and is
confident that adequate measures are in place to ensure that regulated share
dealings are carried out in accordance with the Listing Requirements.
14th April 2008
Sponsor: Investec Bank Limited
Date: 14/04/2008 17:05:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
