Winecorp Limited
Share Code: WNE
ISIN Code: ZAE000027710
Shareholders are advised that Gerrie Wagener and Neville Carew have been
appointed as Chairman and Managing Director respectively of Winecorp Limited.
Gerrie Wagener, has a life-long association with the wine industry and held
various management positions at Boschendal and Vergelegen prior to joining
Winecorp as MD of Afrika Vineyards (Pty) Ltd in 1999. He is currently also the
MD of fellow subsidiary Winecorp SA (Pty) Ltd and has served as non-executive
director on the board of Winecorp Limited since May 2002.
Neville Carew has a B.Comm degree and wide management experience in production,
budgeting, quality assurance, supplier contract negotiations and human
resources. He has been responsible for production at Winecorp Private Label
Services (Pty) Ltd, the operating subsidiary, for the past 2 1/2 years.
Faisal Rahmatallah has resigned as Chairman of the board, due to increased time
pressures related to his investment interests in the UK. He will however be
retained on a consultancy basis for strategy setting and review of Winecorp
going forward. Van Reenen, having effectively fulfilled the mandate of his
appointment, will remain with the company until the end of February to ensure a
smooth hand over.
"The company has shown a tremendous turn around during the past 18 months and
following our strong performance of 2002, we expect satisfactory results for the
first six months of the current financial year. Winecorp has the people,
products, facilities and markets to exploit opportunities in the wine industry.
The strategic direction is in place and it is now the opportune time for Gerrie
and Neville to apply their industry experience and strong leadership and to take
over the helm at Winecorp", outgoing MD Johan van Reenen said.
New Chairman, Gerrie Wagener, expressed his gratitude to both Rahmatallah and
van Reenen for their valuable contribution to Winecorp. "Faisal Rahmatallah was
responsible for the restructure of Winecorp into its present form and Johan van
Reenen was instrumental in the excellent turn around of Winecorp into a
profitable group. Neville and I are looking forward to the challenge of growing
profitability in the group from this level", Wagener said.
The board of Winecorp Limited will be further strengthened by the appointment of
Adrian Enthoven and Ralph Freese as non-executive directors. Adrian, a PhD from
Oxford, is Chairman of Spier Holdings and Chief Executive of Spier Leisure
Holdings (Pty) Ltd. Ralph Freese has a background in Applied Science,
Management and liberation politics. He serves on Boards of businesses in
Information Technology, Leisure and Gaming as well as Boards of NGO`S, active in
Housing, Finance, Arts and Culture.
The changes to the board are with immediate effect.
Issued by the Board of Winecorp Limited.
Date: 07/02/2003 11:32:14 AM Produced by the JSE SENS Department
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