| Fri 22 May 2009, 14:42 | | SAC - SA Corporate Real Estate Fund - Media Statement by Ben Kodisang MD of |
|
SAC
SAC
SAC - SA Corporate Real Estate Fund - Media Statement by Ben Kodisang, MD of
Old Mutual Investment Group Property Investments and Chairman of SA
Corporate Real Estate Fund
SA Corporate Real Estate Fund
(Incorporated in the Republic of South Africa)
A Collective Investment Scheme in property registered in terms of the
Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by SA Corporate
Real Estate Fund Managers Limited (Registration number 1994/009895/06)
Share Code: SAC ISIN Code: ZAE000083614
("SA Corporate" or "the Fund")
Media Statement by Ben Kodisang, MD of Old Mutual Investment Group Property
Investments and Chairman of SA Corporate Real Estate Fund
APPOINTMENT OF NEW EXECUTIVES FOR SA CORPORATE
I am pleased to announce the appointment of new executives for SA Corporate,
as confirmed by the board of SA Corporate with effect from 21 May 2009.
Mariette Warner has been appointed as the managing director of SA Corporate.
Mariette has 25 years experience in the property industry encompassing
management of both physical and listed property, as well as fund management of
third party listed property portfolios. She holds a BSc (Hons) and a BCom
(Hons).
Zaida Adams has been appointed as the financial director of SA Corporate.
Zaida has 5 years experience in the property industry. She started her career
in properties at Allan Gray, before moving to Standard Bank as the financial
manager of Fountainhead Property Trust. She holds a BCom (Hons) CA (SA).
The appointments follow the decision of former SA Corporate executives to
decline relocation to Cape Town after an internal restructure of Old Mutual
Investment Group Property Investments (OMIGPI) to centralise fund management.
The creation of a centralised fund management team in Cape Town is fundamental
to enhancing focus on performance for fund investors as each team will be
focused on driving better investment performance. This, we believe, supports
our growth strategy of achieving assets under management of R100 billion by
2015.
The board of SA Corporate is very pleased with the appointment of the new
executives, Mariette and Zaida, as they have the necessary experience and
expertise to turn the fortunes of the Fund around.
The change in the Fund`s executives impacts on the structure of the board of
the Fund as well. These changes to the board reduce the number of executives
on the board and result in an improved percentage in the independent
directors, who now constitute 64% of the board. The board is committed to
ensuring that there is a majority of independent directors. These are positive
steps forward in terms of King III. In addition, the appointment of Zaida
Adams as a black female improves the gender and racial profile of the board.
On behalf of the Executive team of Old Mutual Property Investments and the
board of SA Corporate I would like to thank the outgoing executive directors
and managers for their contribution over the years and for their willingness
to support the transition and we wish them well for the future.
Profile of the board of SA Corporate:
NEW
Yes No total %
Independent 7 4 11 64%
Non 9 2 11 82%
executive
Female 4 7 11 36%
Black 3 8 11 27%
female
OLD %
Independent 7 6 13 54%
Non 9 4 13 69%
executive
Female 3 10 13 23%
Black 2 11 13 15%
female
For further enquiries, please contact:
Ben Kodisang on +27 21 530 4595
Dineo Noganta on + 27 21 530 5956
Durban
22 May 2009
Date: 22/05/2009 14:42:02 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.
