ADCORP HOLDINGS
Wednesday, September 05, 2001
Following an investigation and a complaint from the JSE to the effect that a
company director had disposed of certain Adcorp shares under a nominee
company's name without following JSE disclosure requirements and without
informing the company. These trades took place over a number of months
including certain trades during closed periods.
Adcorp management took immediate action by:
*Issuing a notice of all transactions on the JSE news service SENS; and
*Conducting a comprehensive enquiry into the circumstances surrounding the
trading.
"The director in question has assured us that the omission to disclose the
trades was a genuine oversight and that there was no ulterior motive", says
Richard Pike, CEO. "We have accepted her explanation and she has shown great
remorse offering her resignation from the board which has been accepted. She
remains a major shareholder in the company and the head of one of our
subsidiaries. She has accepted our insistence on good corporate
governance."
Adcorp is a top-performer on The JSE and recently reported strong organic
growth in its half-year to June 2001.
ends
Issued by: Adcorp Holdings
Viccy Baker (082) 856-0242
Carol Bradbury (082) 805-4575
On behalf of: Adcorp Holdings Limited
Contact: Richard Pike, CEO (082) 555-9753
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