| Thu 19 Apr 2012, 16:01 | | DLV - Dorbyl Limited - Changes to the composition of the board committees and |
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DLV
DLV
DLV - Dorbyl Limited - Changes to the composition of the board, committees and
directors fees
DORBYL LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1911/001510/06)
(Share Code: DLV ISIN: ZAE000002184)
("Dorbyl" or "the Company")
CHANGES TO THE COMPOSITION OF THE BOARD, COMMITTEES AND DIRECTORS FEES
In compliance with section 3.59 of the JSE Listings Requirements,
shareholders are hereby informed of the following changes to the Board
of directors ("the Board") and composition of the Committees of Dorbyl ("the
Committees"):
The Board
The retirement of the Chairman, Mr JB Magwaza, with effect from the close of
business on 13 April 2012. Mr R Rohrs, the current Chief Executive Officer has
been appointed as Chairman to replace Mr J Magwaza, with Mrs TA Morkel as the
Lead Independent Non-Executive director. Mr R Rohrs will continue with his role
as Chief Executive Officer in an acting capacity. It is expected that a full
time Chief Executive Officer will be appointed at the end of September 2012.
Company Secretary
Mr BD Bhikha has resigned as the Company Secretary, effective from the close of
business on 13 April 2012. Mrs Penny Wentzel has been appointed as Company
Secretary with effect from 16 April 2012.
The Committees
Mr J Badenhorst has been appointed as member of the Audit and Risk Committee,
with effect from 13 April 2012.
Mr J Badenhorst and Mrs TA Morkel have been appointed as Chairman and member
respectively to the Remuneration and Nominations Committee, following the
retirement of Messrs JB Magwaza and PM Bester.
Directors Fees
The following reductions were made to the Directors Fees, which were previously
approved at the Shareholders` meeting held on 21 November 2011:
- The fees for the Chairman of the Board has been reduced from R320 000 per
annum to R100 000 per annum;
- The newly appointed Chairman, Mr R Rohrs, will continue to receive his
current remuneration till the end of September 2012. Thereafter this will
be replaced with the revised R100 000 per annum, payable quarterly; and
- The fees for the Chairman of the Audit and Risk Committee has been reduced
from R80 000 per annum to R60 000 per annum.
Johannesburg
19 April 2012
Sponsor: PSG Capital Proprietary Limited
Date: 19/04/2012 16:01:01 Produced by the JSE SENS Department.
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