| Tue 21 Feb 2012, 9:30 | | CDZ - Cadiz Holdings - Business model and change in directorate |
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CDZ
CDZ
CDZ - Cadiz Holdings - Business model and change in directorate
CADIZ HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/007258/06)
JSE share code: CDZ
ISIN: ZAE000017661
("Cadiz Holdings" or "Cadiz" or "the group")
CADIZ HOLDINGS - BUSINESS MODEL AND CHANGE IN DIRECTORATE
Cadiz has begun implementing a more decentralised business model, which will
give greater autonomy and accountability to business units.
The group will have a primary focus on wholesale and retail asset
management, ensuring that Cadiz Asset Management builds on its commitment to
sustainable investment excellence, long-term client relationships and its
strengths in responsible investing.
Cadiz and BNP Paribas are committed to and focused on the integration,
launch and success of BNP Paribas Cadiz Securities, in which Cadiz holds a
40% stake. The business will combine the respective strengths of Cadiz and
BNP Paribas to market and sell South African equity products to
institutional investors locally and abroad.
Cadiz Corporate Solutions will continue its mergers and acquisition
activities where the focus on the resources sector is paying dividends. It
is well positioned to capitalise on the growing interest from Chinese and
Indian investors through its strategic partnerships in these countries.
As a result of the new decentralised business model, the head office
infrastructure is being streamlined to reduce costs. The group management
will in future focus on group strategy, monitoring business unit
performance, managing group capital and providing shared services to the
decentralised business units. The group has undertaken a prudent review of
its capital requirements and as previously reported will declare a special
dividend in March 2012.
The benefits of the current restructuring are only expected to be realised
from the 2012 financial year onwards.
In line with this strategy and refocused business model, the directors of
Cadiz are pleased to announce the appointment of Fraser Shaw as chief
executive officer with effect from 21 February 2012. He is currently the
chief operating officer and financial director of Cadiz.
Fraser (52) succeeds Ram Barkai who has resigned as a director of the group
with immediate effect after electing to take early retirement from October
2012 to enable him to pursue other interests. Ram, who joined Cadiz in 1996
to set up the structured product and asset management business, has been
with Cadiz for 16 years and was appointed as chief executive in 2005. He has
contributed significantly to the growth and success of the group which has
recently undergone widespread changes to focus on asset management. The
directors of Cadiz thank him for his dedicated service and wish him well in
his future endeavours.
Cadiz Holdings chairman, Peter-Paul Ngwenya, commented: "We are fortunate to
be able to appoint an executive of Fraser`s calibre as our new chief
executive. He has extensive experience in the financial services industry
and in financial management, and has been with Cadiz for over 10 years. His
appointment will ensure continuity in the leadership of the group and he
will continue to serve as the financial director of Cadiz. The board joins
me in wishing Fraser every success in his new role."
Cape Town
21 February 2012
Sponsor
Investec Bank Limited
Date: 21/02/2012 09:30:01 Produced by the JSE SENS Department.
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