MMG - MICROmega - Changes to the Board of Directors
MMG
MMG
MMG - MICROmega - Changes to the Board of Directors
MICROmega HOLDINGS LIMITED
(Registration number 1998/003821/06)
(Incorporated in the Republic of South Africa)
ISIN code: ZAE000034435 Share code: MMG
("MICROmega" or "the Company")
CHANGES TO THE BOARD OF DIRECTORS
MICROmega has appointed Mr Dave King as Executive Chairman of the Company, with
immediate effect.
Mr Greg Morris, the outgoing Chairman stated; " It is well known that Dave King
was the founder of the MICROmega Group and that he still retains a beneficial
interest in the Company as a result of a significant minority shareholding via
an offshore trust that is managed by HSBC. It is also well known that Mr King
has been engaged in litigation with the State for almost 10 years. While there
have been numerous attempts to settle this litigation there is no real prospect
of an imminent settlement that can meet the interests of all parties."
Mr Morris continued; " Over the last couple of years Mr King has required less
time to devote to his legal matters and MICROmega has been able to utilise his
services on a consultancy basis to assist with new business opportunities that
Mr King has identified for the Company. Mr King advised me last year that he
would be in a position to devote his attention to normal business activities of
the Company from January 2011 and after discussions with my fellow board members
I extended an invitation to him to rejoin the board of directors as Executive
Chairman. This will provide me, as Group CEO, with more time to devote to
growing the existing businesses and to take advantage of the strong platform
that has been put in place over the last few years. Mr King will focus on new
business opportunities as have been identified by him and Mr Duncan Carlisle
will remain as Group Managing Director spending more of his time in growing our
international businesses in South America and China."
Mr Morris concluded; "MICROmega now has a strong and effective executive team
with a common culture and the addition of Mr King to this team positions the
Company well for both organic and acquisitive growth."
17 January 2011
By order of the board
MICROmega Holdings Limited
Sponsor
Java Capital
Date: 17/01/2011 16:39:04 Produced by the JSE SENS Department.
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