PRISM HOLDINGS LIMITED
Secure electronic payment group Prism today announced that Mr Sean Summers,
a non-executive director of the group, has tendered his resignation from the
main board of Prism Holdings Limited. In communicating this decision, Mr
Summers explained that, as a result of the tremendous pressure of being on
numerous boards and committees within the Pick 'n Pay Group, coupled with
the demands of the retail group's expanding interests in Australia, he
regretted that he was no longer able to commit fully to his obligations as a
Prism board member, and therefore felt compelled to offer his resignation.
Mr Summer's resignation has been accepted with thanks for his service to
date by the chairman of the board Mr Alvin Els. Commenting on his decision,
Mr Summers stated, "I originally joined the board to oversee the successful
integration of the TransSwitch Services switching business into Prism which
has gone exceptionally well. I am extremely comfortable with Pick'n Pay's
relationship with Prism, and trust the board to continue to protect our
interests as shareholders in the group, and to continue to add value to this
shareholding through the commercial success of their global secure payment
innovations". Pick'n Pay retains its strategic equity stake in Prism, and
Prism retains its role as secure switching partner for the Pick'n Pay group.
Etienne de Villiers
Company Secretary and
Group Legal Advisor
PRISM HOLDINGS LIMITED
(Reg No 1998/018949/06)
tel : +27+11+5481000
+27+11+5481304 (direct)
+27+82 4622 980 (mobile)
Fax : +27+11+4672434
email etiennedv@prism.co.za
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