African Media Entertainment Limited - Resignation of Chief Executive Officer
African Media Entertainment Limited
(Registration Number: 1926/008797/06)
Share Code: AME
ISIN Code: ZAE000014106
Resignation of Chief Executive Officer
Kevin Coyle will resign as Chief Executive Officer of African Media
Entertainment Limited with effect from, 31 March 2003.
Kevin Coyle is a troubleshooter and turnaround expert who was brought in on a
contract specifically to turn the group around. He has been successful in doing
so. Total debt has decreased from R 80 million, two years ago, to R 13 million
currently. The number of operational companies has been reduced from 38 to 4,
namely; Radio Algoa, Radio Oranje (OFM), The Dome at Northgate and Foghound
Studios in addition to the recently acquired United Stations. The company has
been transformed from a loss of R 20 million before extraordinary items last
year to a situation where all its companies are operating within budget and are
profitable.
AME is currently looking at possible acquisitions and/or mergers within the
radio industry. Kevin has been retained as a consultant to assist AME in
pursuing this project.
With effect from 1st April 2003, Mr Stan Katz is to be appointed as Chief
Operating Officer. Mr Katz is a well-known radio personality and expert and
this appointment is in line with the groups` primary focus on its radio assets.
Corner Olievenhout Avenue & Northumberland Road
PO Box 540, North Riding, Gauteng, 2162
Republic of South Africa
Tel: +27 11 794-5665
Fax: +27 11 794-5667
Date: 06/03/2003 02:26:47 PM Supplied by www.sharenet.co.za
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