Ne Corp To Increase Shareholding In African Harves
Share Code : AHV
ISIN Code : ZAE000013538
African Harvest Limited wishes to announce the following changes to its
shareholding and Board.
NE Corp. Holdings will acquire a further stake in African Harvest by way of
an outright purchase of shares in the company. This will have the effect of
increasing the NE Corp.'s empowerment shareholding in African Harvest to
approximately 18% of its equity.
As set out in a circular to its shareholders dated 16 January 2002, if
approved by shareholders, African Harvest intends to implement a scheme to
sell 10% of its equity to employees. In addition to strongly incentivising
employees, the company's total empowerment shareholding will be further
boosted to more than 30% of its equity. The following changes will be made
to the board:
* In line with international corporate governance practice, Mashudu Ramano
will relinquish his executive responsibilities and will serve as the
Group's non-executive chairman;
* Ethan Dube and Tony Ruiters, who head African Harvest Capital and
African Harvest Fund Managers respectively, will join African Harvest
Ltd's board as executive directors;
* Subsequent to these changes, the African Harvest board of directors will
consist of four non-executive directors, one of whom will chair the
board and three executive directors.
* The proposed Board will comprise Mashudu Ramano, Colin Brayshaw, Leon
Campher, Ethan Dube, Tony Ruiters and Gavin Tipper. NE Corp. Holdings
will shortly be announcing one further non-executive appointment to the
board.
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