| Fri 26 Sep 2008, 14:00 | | TBS - Tiger Brands - Supplementary finding in respect of the former hospital |
|
TBS
TIIH
TBS - Tiger Brands - Supplementary finding in respect of the former hospital
products subsidiary of Tiger Brands and result of group-wide investigation into
compliance with the competition act
TIGER BRANDS LIMITED
"Tiger Brands" or "the Company"
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080
SUPPLEMENTARY FINDING IN RESPECT OF THE FORMER HOSPITAL PRODUCTS SUBSIDIARY OF
TIGER BRANDS AND RESULT OF GROUP-WIDE INVESTIGATION INTO COMPLIANCE WITH THE
COMPETITION ACT
Supplementary Finding in respect of the former hospital products subsidiary of
Tiger Brands
Tiger Brands received the supplementary finding from Counsel regarding persons
who had specifically been mentioned in the Competition Commission`s complaint
referral, relating to the former hospital products subsidiary of Tiger Brands,
which is now part of the separately listed Adcock Ingram Holdings group.
Counsel was requested to report as to whether the allegations made in the
complaint referral relating to those persons having been made aware of collusive
activities that had taken place, were substantially correct. It was the finding
of Counsel that on a balance of probability, the allegations were substantially
correct.
The Board has consequently imposed the following disciplinary sanctions:
1 In respect of Messrs Haydn Franklin and Mike Norris, who are both retired,
the cancellation of unvested share options.
2 In respect of Mr. Ian Isdale a final written warning, the forfeiture of any
incentive bonus in 2008 and the cancellation of share options granted in
April 2008. The sanction in respect of Mr. Isdale was arrived at with the
assistance of a determination by Judge John Myburgh.
3 Mr. Philip Nieman, who left the employ of the Company some time ago, was
exonerated from any wrong-doing.
Mr Arthur Barnett, the executive who was responsible for the former hospital
products subsidiary of Tiger Brands, who had previously been found to have been
involved in collusive activity and who had been suspended pending disciplinary
action, resigned from the company on 31 July 2008 with the forfeiture of all
benefits and share options.
Group-wide Investigation
The investigation by Edward Nathan Sonnenbergs Inc. which was initiated by the
Board into possible contraventions of the Competition Act has been completed and
the report, which is privileged and confidential, has been considered.
The Board is satisfied with the outcome of the report. As to be expected in a
wide-ranging investigation into a group as diverse and complex as Tiger Brands,
certain practices which may require attention have been raised. The report also
has made recommendations that will be fully implemented.
As part of this process and consistent with international best practice, Tiger
Brands has created a new position of Group Compliance Officer and has employed a
senior executive in this capacity who will be joining the group on 1 November
2008.
Bryanston
Date: 26 September 2008
Sponsor
JP Morgan Equities Limited
Date: 26/09/2008 14:00:43 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.
