| Fri 25 Nov 2011, 10:00 | | SVB - SilverBridge Holdings Limited - Change to the board of directors and |
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SVB
SVB
SVB - SilverBridge Holdings Limited - Change to the board of directors and
change in function of a director
SilverBridge Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1995/006315/06)
Share code: SVB ISIN: ZAE000086229
("SilverBridge" or "the Company" or "the Group")
CHANGE TO THE BOARD OF DIRECTORS AND CHANGE IN FUNCTION OF A DIRECTOR
In compliance with paragraph 3.59 of the Listings Requirements of the JSE
Limited, the board of directors of SilverBridge ("the Board") hereby notifies
its shareholders that Mr Andile Sangqu has resigned as chairman and non-
executive director of the Company with effect from 31 December 2011.
Andile joined the board as chairman in May 2007 when a special purpose vehicle
("SPV") owned and controlled by Kagiso Trust Investments (Proprietary) Limited
("KTI") purchased a 20% interest in SilverBridge. Andile was a group executive
director of KTI (now Kagiso Tiso). He left the employment of KTI to become an
executive director of Xstrata South Africa in March 2010 and remained the
chairman of SilverBridge, where the Board then viewed him as independent. The
time constraints of his executive position at Xstrata have, however, compelled
him to resign from the Board. Andile has contributed significantly to the
strategic direction of the Group and the operations of the Board over the last
four and a half years. The Board thanks Andile for his contribution to the Group
and wishes him well in his future endeavours.
Ms Sphelele Sangweni, an alternate director to Andile, will as a result of
Andile`s resignation also resign from the Board with effect from 31 December
2011. The nomination committee, along with discussions with a major shareholder,
Kagiso Tiso Holdings, is reviewing the Board composition following the changes
to the Board.
In addition, the Board hereby notifies its shareholders that Mr Robert Emslie,
an independent non-executive director of the Company, has been appointed as
chairman of the Board with effect from 1 January 2012.
Robert joined the Board as an independent non-executive director in January 2011
and serves on the audit and risk, remuneration and investment committees of the
Group. He has more than 30 years` experience in the financial services sector
and has held positions such as the head of ABSA business banking, ABSA Africa
and ABSA Corporate and business bank. He has also been a member of the Absa
Group Executive committee. Robert is a qualified Chartered Accountant.
Pretoria
25 November 2011
Designated Adviser
Merchantec Capital
Date: 25/11/2011 10:00:01 Produced by the JSE SENS Department.
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