| Mon 25 Jun 2012, 14:30 | | KAP - Kap International Holdings Limited - Changes to The KAP Board |
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KAP
KAP
KAP - Kap International Holdings Limited - Changes to The KAP Board
KAP INTERNATIONAL HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration Number 1978/000181/06)
Share code: KAP
ISIN: ZAE000059564
("KAP" or "the Group")
CHANGES TO THE KAP BOARD
In compliance with paragraph 3.59 of the Listings Requirements of the JSE
Limited, KAP hereby advises shareholders of further changes to the KAP board of
directors ("the Board") following the acquisition of the Steinhoff Industrial
Assets by KAP which resulted in the reconstitution of KAP as a diversified
industrial company with a range of new industrial assets, as well as KAP
becoming a subsidiary of Steinhoff International Holdings Limited.
Taking into account the requirements of the enlarged KAP, the Board has been
expanded by the appointment of various non-executive directors, including the
appointment of a new independent chairman as announced on 24 May 2012.
The KAP board is pleased to announce further non-executive board appointments,
which it believes will add an appropriate and experienced skill set to the
board.
* Mr Patrick Keith Quarmby, appointed as an independent non-executive board
member and as chairman of the Audit and Risk Committee. Mr Quarmby was an
independent non-executive director on the board of Unitrans Limited from
December 1999, up to its delisting in May 2007. Mr Quarmby was appointed to
the board of Dimension Data Holdings plc at the time of its listing in
London and Johannesburg in 2000, and has been a director of Dimension Data
since 1996. In July 2002, he was appointed Chairman of Datacraft Asia. Mr
Quarmby is also a board member of Tradebridge and Nihilent. Prior to
joining Dimension Data, Mr Quarmby was Managing Director of Standard Bank
in Hong Kong, a Director of Standard Bank in London, and a tax partner at
Ernst & Young South Africa. Mr Quarmby graduated with Honours from the
University of Cape Town and is a Chartered Accountant (SA).
* Mr Stephanus Hilgard Muller, appointed as an independent non-executive
board member and as a member of the Audit and Risk Committee. Mr Muller
qualified as a chartered accountant in 1985. He worked in various audit and
corporate finance capacities at Aiken and Peat until 1993 at which point he
joined Rand Merchant Bank as a Senior Credit Manager. During 1995 he joined
Genbel Investments and during the next 13 years he fulfilled various
capacities within the group including Chief Operating Officer: Equities of
Genbel Securities Limited, Executive Director of Gensec Bank Limited and
served as a non-executive director and a member of the audit and
remuneration committees of various investee companies within the Genbel
Securities Group. During 2008 he left the group to pursue his own
interests. He is currently an independent non-executive director of
Amalgamated Appliances Limited and also serves as the chairman of its Audit
and Risk Committees.
These new appointments are effective from the date of this announcement.
As a result of the various appointments referred to above, the Board has gained
a wealth of experience, which the Board believes will contribute to the growth
of the enlarged group.
These appointments also provided the current non-executive directors of KAP with
the opportunity to consider their future role in the enlarged business. To this
end, and, following the completion of the work of the independent board in
respect of the acquisition of the Steinhoff Industrial Assets, the following
directors have tendered their resignations with effect from the date of this
announcement:
Mr CE Daun;
Mr F Moller;
Mr U Schackermann; and
Mr KE Schmidt.
The Board wishes to thank the aforementioned directors for the extensive role
they have played and their contributions to the growth and development of KAP,
as well as their willingness to assist with the hand-over of various committee
functions, and the board wishes them well for the future.
The board also wishes to extend a special word of gratitude to Mr CE Daun, who
has made an extremely significant contribution to the Group over many years.
25 June 2012
Paarl
Date: 25/06/2012 14:30:04 Produced by the JSE SENS Department.
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