| Mon 14 Jun 2010, 16:37 | | PNG - Pinnacle Point - Change in control and reconstitution of the board |
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PNG
PNG
PNG - Pinnacle Point - Change in control and reconstitution of the board
PINNACLE POINT GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2000/000059/06)
JSE Share code: PNG
NSE Share code: PNG
ISIN: ZAE000127122
("Pinnacle Point" or the "Company")
CHANGE IN CONTROL AND RECONSTITUTION OF THE BOARD
On 15 March 2010 shareholders were advised that the Trilinear Empowerment Trust
had acquired the entire shareholding of Absa Bank Limited, which resulted in
Trilinear`s shareholding in the Company increasing to approximately 48.4%.
Pursuant to the change in control there will be a reconstitution of the Board
effectively immediately.
In compliance with section of 3.59 of the Listings Requirements of the JSE
Limited, changes to the Board are as follows:
Messrs Lazarus Zim, the Chairman, Andrew Fasedemi, Bright Igbinedion and Khehla
Mtembu, Non-Executive directors, will all resign from the board. Mr Igbinedion
will continue as the Chairman of Pinnacle Point West Africa Limited ("PPWA") and
Mr Zim will be appointed to the board of PPWA in order to focus on the Lagos
Keys development in Nigeria, a cornerstone in the future of the Company. The
Board wish to thank these Board members for their valuable contribution to the
Company and look forward to Messrs Zim and Igbinedion`s focused involvement in
the Nigerian development which we believe will grow from strength to strength.
New appointees to the Board will be Ms Savannah Maziya as Non-Executive
Chairperson and Mr Fola Ogunsiaken as a Non-Executive director. Both these
directors will be independent directors, in line with Trilinear`s policy of
nominating independent directors to its investee companies.
Brief profiles of the new appointees are outlined below.
Ms Savannah Maziya - Independent Non-Executive Chairman) - BA (Hons) Broadcast
Management and Finance (USA) and MBA Strategic Planning and Finance (UK).
Savannah currently works as Chairman and CEO of Bungeni Holdings (South Africa),
with interests in mining / construction healthcare /food services and finance /
infrastructure. They have offices in South Africa, Ghana, Tanzania and New York.
From 2001 to 2004 she worked as Group CEO to ABN, a UK-based African television
network. She was responsible for worldwide business, fundraising, operations and
worlds-wide media rights.
Savannah is currently Chairman and CEO of Bungeni Holdings and sits on the
following Boards, as Chairperson; - Rainbow Construction, The National
Regulator for Compulsory Specifications (NRCS)- and RSS; and as main Board
Member and Chair of the Remuneration Committee - USA business andWBHO (Wilson
Bailey Holmes-Ovcon). She is also a former member of the Construction Industry
Development Board (CIDB).
Mr Fola Ogunsiakan - Independent Non-Executive Director - Master of Business
Administration, Harvard Business School (USA) and B.Sc (Hons) from the Obafemi
Awolowo University (Nigeria.
Fola currently works as the Managing Partner and Founder of Cedar Capital based
in Nigeria. The firm operates two distinct lines of business, Real Estate and
Private Equity.
In 2007 Fola co-founded Constant Capital Partners (Nigeria) a boutique
investment bank. From 2006 to 2007 he was head of Business Operations and
Business Development - Sub Saharan Africa region for Motorola, Networks
division. During 2006 he served as programme manager and strategy advisor on the
$1 billion successful bid of the Nigerian national telecommunications operator
by the conglomerate.
He joined Accelon SA (Pty) in 2003 as Managing Director and Company Advisor for
Nigeria and in 2001 he joined McKinsey & Co (South Africa) as an Associate. In
1999 he worked as an Mergers & Acquisitions Associate with Robertson Stephens
(USA). Between 1993 and 1998, Fola was worked with Cummins Engine Company (USA),
in its Southern California distribution unit where he left as the Director of
Information Technology and Telecommunications.
The board of directors would like to welcome these directors to the board of
Pinnacle Point.
Johannesburg
14 June 2010
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Legal Advisor
Edward Nathan Sonnenberg
Date: 14/06/2010 16:37:06 Produced by the JSE SENS Department.
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