| Wed 18 Jan 2012, 15:00 | | MVG - Mvelaphanda Group Limited - Acquisition of a 28% interest in Mvela Group |
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MVG
MVG
MVG - Mvelaphanda Group Limited - Acquisition of a 28% interest in Mvela Group
by Blackstar Group Se and changes to the Board of Directors of Mvela Group
Mvelaphanda Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1995/004153/06
Ordinary share code: MVG
Ordinary share ISIN: ZAE000060737
("Mvela Group" or "the company")
ACQUISITION OF A 28% INTEREST IN MVELA GROUP BY BLACKSTAR GROUP SE (THE
"ACQUISITION") AND CHANGES TO THE BOARD OF DIRECTORS OF MVELA GROUP
THE ACQUISITION
Shareholders are advised in accordance with paragraph 3.83(b) of the Listings
Requirements of the JSE Limited ("JSE"), that Mvela Group has been notified by
Blackstar Group SE ("Blackstar") in terms of section 122 of the Companies Act,
71 of 2008, as amended, that it has acquired 146,423,470 ordinary shares in
Mvela Group from funds managed by Coronation Fund Managers Limited representing
approximately 28% of Mvela Group`s issued ordinary share capital.
CHANGES TO THE MVELA GROUP BOARD
In accordance with paragraph 3.59 of the Listings Requirements of the JSE,
shareholders of Mvela Group are hereby advised that Messrs Andrew Bonamour and
William Marshall Smith from Blackstar have been appointed to the board of
directors of Mvela Group ("the Mvela Board") with effect from Thursday, 19
January 2012. Mr Bonamour will assume the role of interim chief executive
officer. Their appointments will be subject to confirmation at the next annual
general meeting of the company.
Shareholders are further advised that Messrs Bryan Hopkins and Ernst Roth have
tendered their resignations from the Mvela Board with immediate effect. The
Mvela Board would like to thank both of them for their contribution to the
company including overseeing the restructuring and unbundling of assets over the
last two years.
Mr Kuseni Dlamini, an independent non-executive director of Mvela Group has been
appointed as lead independent non-executive director.
The Mvela Board has mandated the Chairman, Mr Mikki Xayiya, to identify further
candidates to assume the roles of the financial director and non-executive
independent directors with the aim of ensuring that Mvela Group`s black
empowerment legacy and status are maintained and to meet its corporate
governance obligations. Further announcements on these appointments will be made
in due course.
Strategic review
The Mvela Board has initiated a strategic review of the company to map its
future and confirm its executive management structure. The results of this
review will be made available to shareholders shortly.
18 January 2012
Sponsor
Deutsche Securities (SA) (Pty) Ltd
Date: 18/01/2012 15:00:01 Produced by the JSE SENS Department.
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