FRT - Faritec - Results Of Annual General Meeting And Changes To The Board
FRT
FRT
FRT - Faritec - Results Of Annual General Meeting And Changes To The Board
Faritec Holdings Limited
(Registration number 1998/004872/06)
Share code: FRT
ISIN: ZAE000016838
("Faritec" or "the company")
RESULTS OF ANNUAL GENERAL MEETING AND CHANGES TO THE BOARD
At the annual general meeting of shareholders of Faritec held on Tuesday, 23
February 2010 (in terms of the notice of annual general meeting contained in the
Faritec annual report issued on 29 January 2010), all of the resolutions
proposed were passed by the requisite majority of Faritec shareholders.
CHANGES TO THE BOARD
Shareholders are advised that in terms of the company`s articles of association
Dr Chris Jardine and Mr Mncedisi Mayekiso were required to retire their
directorships with effect from the company`s annual general meeting held earlier
today and make themselves available for reappointment to the board. Chris and
Mncedisi elected not to seek reappointment.
Chris` election not to seek reappointment follows his agreement last year to
remain on the board for a period sufficient to assist the new management team
and incoming shareholders during the transition period pursuant to the funding
transaction concluded with Shoden Data Systems (Pty) Ltd. He has made himself
available to support the management team and the Board in the conclusion of the
current funding transaction, details of which are expected to be finalized and
released shortly.
Mncedisi has been appointed as Marketing Director for SAP Africa and his
continuance as non-executive Director of the Company could be viewed a conflict
of interest.
The board of Faritec thanks Chris and Mncedisi for their many years of service
to the company and wishes them well in their future endeavours.
23 February 2010
Sponsor
Java Capital (Proprietary) Limited
Date: 23/02/2010 17:17:40 Produced by the JSE SENS Department.
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