| Fri 20 Mar 2015, 11:05 | | AMALGAMATED ELECTRONIC CORP LTD - Changes to the Board of Directors |
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AER 201503200016A
Changes to the Board of Directors
Amalgamated Electronic Corporation Limited
Incorporated in the Republic of South Africa
(Registration number 1997/010036/06)
Share code: AER ISIN: ZAE000070587
(“Amecor” or “the Company” or “the Group”)
CHANGES TO THE BOARD OF DIRECTORS
In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are hereby
notified of the following changes to Amecor’s board of directors (“the Board”):
- Mr Dereck Alexander, after 10 years of service with the Group, has resigned as Chief Executive
Officer and as an executive director, with effect from 1 April 2015.
- Mr Keith Vieira, currently the Chief Operating Officer and an executive director, has been appointed as
the new Chief Executive Officer with effect from 1 April 2015.
Keith, who has had 10 years of service with Amecor, is the co-founder of Sabre Radio Networks
(“Sabre”) and co-developer of FSK Electronics SA (“FSK”) which, as Group portfolio companies,
collectively contributed 90% of Group earnings from continuing operations for the twelve months to
31 March 2014.
Sabre is the largest security network provider in Southern Africa. Its radio and GSM infrastructure
offers a data network comprising base stations and advanced repeater technology. Sabre has a
national network footprint of cutting-edge transmission equipment enabling users, such as security
companies, to route signals and data to their control centres. Sabre is implementing various strategies
to develop its technology and customer service into the rest of Africa.
FSK is one of the leading designers and manufacturers of sophisticated transmission technology
which is used primarily in the security industry, to send alarm signals to security company control
rooms across South Africa. FSK specialises in the design of radio and GSM transmitters, receivers
and transceivers, which underpin the growth in annuity earnings for Sabre.
- Mr Jarred Winer has been appointed as a non-executive director with effect from 18 March 2015.
Jarred is the Chief Executive Officer of alternative asset manager, Westbrooke Capital Management
Proprietary Limited (“Westbrooke”), which he co-founded in 2012. Prior to founding Westbrooke,
Jarred gained extensive experience in investment banking with Standard Bank and Barclays where he
held roles in corporate finance, capital markets and leveraged finance.
- Mr Clive Angel has been appointed non-executive director as alternate to Mr Stanley Shane, with
effect from 18 March 2015.
Clive is a co-founder and an executive director of Integrated Capital Management Proprietary Limited,
a niche Investment Banking and advisory business. Clive is a chartered accountant CA(SA) with
extensive Investment Banking and private equity experience obtained in both London and South
Africa.
Mr Chris Boulle, Chairman of Amecor, commented: “On behalf of the Board and management, I thank
Dereck for his service to Amecor over many years and wish him well in his retirement. Having known
him for many years, we welcome Keith as Chief Executive Officer and look forward to his leadership
as we capitalise on our strengths as the market-leading security electronics and telecommunications
group in southern Africa, leveraging off the annuity earnings of Sabre and the technology expertise
of FSK. We would also like to welcome Jarred and Clive to the Board and look forward to their
contributions to the Company”.
Johannesburg
20 March 2015
Sponsor
Merchantec Capital
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