| Wed 19 Sep 2001, 0:00 | | Monex - Resignation Of Director |
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MONEX LIMITED
(Registration number 1968/010805/06)
(Incorporate in the Republic of South Africa)
Share Code: MNX ISIN: ZAE000025748
("Monex" or "the Company")
RESIGNATION OF DIRECTOR
In accordance with Section 3.67 of the Listings Requirements of the JSE
Securities Exchange South Africa, shareholders are advised that Mr. J.M.
Wragge, Chief Executive Officer of Monex, today announced his resignation
from the Board of Directors of Monex with immediate effect.
The Board of Directors, pursuant to the resignation of Mr. Wragge will be:
M. Rose-Innes (Chairman);
C.J. Harvie (Financial Director);
P.S. Leaf-Wright (Non-executive Director)
J.P. McCance-Price (Non-executive Director); and
C.R. van Horen (Non-executive Director).
Cape Town
19 September 2001
Monex Limited
PRESS RELEASE
ISIN Code : ZAE000025748
Share Code : MNX
19 September 2001a
Monex Ceo Parts Company
Martin Wragge today announced his resignation as CEO of Monex Limited.
Commenting on his decision, Wragge said: "After long consideration I
have reluctantly concluded, given the focus of Monex's strategy going
forward, that I can be more productive for both the company and myself,
operating as an independent developer than continuing in an executive
capacity within Monex.
"As is common cause, I am happiest and at my most productive in creative
development mode, a focused activity to which I need to return.
"This decision has been very difficult for me given my long association
with the Group and I have no doubt that I will miss the fellowship of my
colleagues on the Board and in the office, in all divisions and at all
levels.
"As a team we have achieved great things, success which has more
recently been tainted by the challenges of Ratanga Junction and its
resultant drain on the Group. That notwithstanding, Canal Walk is
performing well and gaining market share every day: turnover for the 10
months to August now exceeds R900 million, putting the objective of R1
billion turnover in the first year within easy reach. Also, with the
all important catalyst of Canal Walk complete, the greater Century City
development can now only gain further momentum. With the rights offer
now complete and Monex virtually debt-free, the company's future is more
assured.
"It is against this background that I wish to return to my role as an
independent developer."
In accepting Wragge's resignation, Mike Rose-Innes, Chairman of Monex,
stated "There can be no doubt that Monex will miss Martin's creative
contribution at all levels. We hope that we will have a continuing
relationship with Martin in a consulting capacity. On behalf of the
Board and indeed all our colleagues at Monex, I record our thanks for
the unstinting effort which Martin has put into leading and developing
Monex over the past 21 years and wish him all the very best in his new
endeavours."
Commenting on the announcement, BoE Chief Executive Tom Boardman said
"As the largest shareholder of Monex Limited and underwriter of Monex's
recent rights offer, BoE has been associated with Martin Wragge for a
number of years. His vision and drive have changed Cape Town forever,
not least through the development of Canal Walk shopping centre.
In order to retain his skills and experience, the Board of Century City
Centre Limited, owner of Canal Walk, has asked Martin to remain a non-
executive director. We respect Martin's decision to refocus his creative
energy on new development opportunities and wish him well for the future."
Chris Harvie, financial director of Monex Limited, has been appointed acting
Managing Director with immediate effect.
