HYP - Hyprop - Changes to the board and termination of consultancy agreement
HYP
HYP
HYP - Hyprop - Changes to the board and termination of consultancy agreement
Hyprop Investments Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1987/005284/06)
Share Code: HYP
ISIN Code: ZAE000003430
("Hyprop" or the "company")
CHANGES TO THE BOARD AND TERMINATION OF CONSULTANCY AGREEMENT
CHANGES TO THE BOARD OF DIRECTORS
Unitholders are advised of the resignation of Wolf Cesman as a non-executive
director of Hyprop and Janys Finn as an alternate director to Wolf with
immediate effect.
Wolf Cesman has played a significant role in Hyprop`s success and we thank him
for his many years` service and valuable contribution to the company.
TERMINATION OF CONSULTANCY AGREEMENT
Unitholders are referred to the announcement released on SENS on 27 October 2009
relating to a consultancy agreement concluded between Hyprop and Redefine
Properties Limited ("Redefine") in terms of which Redefine would provide
consultancy services to Hyprop at a fee of R1,5 million (exclusive of VAT) per
month, for a fixed term of 18 months (the "consultancy agreement"). The
consultancy agreement commenced on 1 January 2010.
The consultancy agreement was entered into with the understanding that Hyprop
would benefit from the ongoing combined input of both Wolf Cesman and Marc
Wainer.
Following Wolf`s recent resignation from the Redefine board, unitholders are
advised that Hyprop has given Redefine three months` notice of termination of
the consultancy agreement, such termination to take effect on 31 August 2010.
Hyprop is of the opinion that Redefine and Marc Wainer can continue to play a
valuable role in relation to Hyprop and is currently in discussions with
Redefine regarding the ongoing relationship between the two companies.
31 May 2010
Sponsor
Java Capital (Proprietary) Limited
Date: 31/05/2010 17:13:22 Produced by the JSE SENS Department.
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