African Bank Investments Limited
The Board of African Bank Investments Limited (Abil) wishes to announce the
resignation of two of its non-executive directors, Gavin Routledge and Geoff
Snelgar, both effective immediately. Mr Routledge and Mr Snelgar both served
on the Board as representatives of Hollard Insurance who, up until May 2001,
held a strategic investment of 7,9% in Abil.
The resignations comes about as a result of an announcement by Abil in May
this year, in which it bought back 2,75% of its shares from Hollard
Insurance thereby reducing Hollard's stake to a 5% portfolio shareholding in
the Group. This strategic holding has since been disposed of entirely.
Mr Snelgar and Mr Routledge will now focus their time on other Hollard
investments, and Mr Routledge will be moving from Gauteng to Stellenbosch.
The Board of Directors thanked Mr Routledge and Mr Snelgar for their
contribution to the building of Abil from inception. The relationship built
up between the parties will remain close regardless of shareholding.
Sponsor to Abil
Deutsche Securities (SA) (Pty) Ltd
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