New Africa Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/002467/06)
("NAIL")
APPOINTMENT OF NAIL CHAIRMAN AND CEO,
CHANGES AT PHAPHAMA AND FURTHER CAUTIONARY ANNOUNCEMENT
Appointment of Chairman and CEO
Following the announcement on 1 June 2001 that Dikgang Moseneke had tendered
his resignation as Chief Executive Officer ("CEO") and Acting Executive
Chairman of NAIL, the Board of Directors of Nail has approved the following
appointments:
Zwelakhe Sisulu will become Non-Executive Chairman of Nail with immediate
effect. Zwelakhe Sisulu will also become Non-Executive Chairman of New
Africa Media Holdings Proprietary Limited and in this capacity will be
responsible for driving NAIL's media strategy through to its next phase.
His extensive knowledge of and experience in the media industry in South
Africa equips him very appropriately for this challenge.
Sakumzi ("Saki") Macozoma will become CEO of Nail with effect from 1 August
2001. Saki Macozoma has extensive experience in the South African business
environment. He is a former Managing Director of Transnet Limited and is
currently joint Deputy Chairman of Stanbic Limited.
Changes of Shareholding at Phaphama
It is further announced that:
Dikgang Moseneke's Family Trust has sold its interest in Phaphama Holdings
(Pty) Limited ("Phaphama") to Women Investment Portfolio Holdings Limited
("Wiphold"); and
Zwelakhe Sisulu's Family Trust has sold its interest in Phaphama to Safika
(Pty) Limited ("Safika").
Phaphama is the unlisted investment holding company which effectively
controls Nail. The Securities Regulation Panel has agreed that, based on
information provided to it, Safika and Wiphold are not parties acting in
concert with each other or with others and this transaction does not,
therefore, constitute a change of control in terms of the Securities
Regulation Code on Takeovers and Mergers.
As announced on 5 March 2001, it is the intention of Nail that the existing
ordinary and "N" share structure will be retained following the unbundling
of Nail's financial services interests in order to maintain control of Nail
by empowerment shareholders, a factor perceived by Nail to be important in
securing licenses in the regulated media environment. Both Safika and
Wiphold possess strong empowerment credentials, which will effectively
support Nail's competitive position in this regard.
Confirmation of Strategy
Zwelakhe Sisulu, Saki Macozoma and the Board of Nail have reviewed and
confirmed the appropriateness of the strategy of corporate convergence
announced by Nail and Metropolitan Life Limited ("Metropolitan") on 5 March
2001, which envisages the separation of Nail's financial services assets,
represented by its interest in Metropolitan, from Nail's other assets
comprising principally its media assets and cash.
Nail's media strategy has been reinforced by the acquisition, subject to
certain outstanding conditions precedent, of Kagiso Media Limited by Nail
announced on 25 May 2001.
Both Safika and Wiphold fully support these strategies, implementation of
which will continue on the basis and timing already announced.
Further Cautionary Announcement
Further to the joint cautionary announcements published by Nail and
Metropolitan on 5 March, 17 April and 6 June 2001, Nail shareholders are
referred to a further joint cautionary announcement published today, 18 July
2001.
Financial adviser to NAIL Corporate law adviser and consultant to NAIL
Deutsche Securities (SA) Edward Nathan & Friedland (Pty) Ltd
(Pty) Ltd
Joint sponsors to NAIL Legal adviser to NAIL
Deutsche Securities (SA) (Pty) Ltd Chuene Kwinana Motsatse Inc.
Wipcapital (Proprietary) Limited
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
