RAR
RAR
RAR - Rare Holdings Limited - Acting CEO
RARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2002/025247/06
Share Code: RAR ISIN: ZAE000092714
("the Company" or "Rare")
ACTING CEO
Shareholders are reminded of the Announcement dated 30 July 2010, dealing with
an investigation into the activities of two senior managers of the Company.
Since that announcement, the company obtained an Anton Pillar court order and
launched an investigation into the activities of the managers in question. This
lead to evidence of breach of trust on the part of the senior managers, who had
used the company`s intellectual property, time and resource to establish
business activities to compete directly with the company.
Following a disciplinary hearing, chaired by an independent, the senior managers
were found guilty of conflict of interest and were dismissed. Negotiations with
the parties have lead to the discontinuance of their competitive activities and
the recovery of legal costs associated with the action.
The investigation to date has identified no loss of assets of the company but
there may well have been a loss of opportunity and business as a result of these
activities.
In order to regain momentum and restructure the organisation following on these
events, it has been determined by the Board to utilize the skills of David
Scheepers in the role of Commercial Director. This is a role which requires
momentum, source skills and experience and the Board feels that David will
provide all of these.
Consequently, David will step down as CEO with effect from 30 September 2010. A
suitable replacement is being sourced. In the interim the Chairman Don Ncube
will act as CEO.
Johannesburg
27 September 2010
Designated Adviser: PSG Capital (Proprietary) Limited
Date: 27/09/2010 15:07:02 Produced by the JSE SENS Department.
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