Corpcapital - Changes in directors and disposal of
Corpcapital Limited
(Registration No. 1983/011384/06)
(a company incorporated in South Africa)
(the "company" or "Corpcapital")
Share Code: CPA
ISIN: ZAE 000034260
Changes in directors
Disposals of businesses
Revised strategy
On 28 February 2003 the company announced its revised strategy to unlock value
for shareholders. The revised strategy includes a responsible realization of
the company"s investments, return of capital to shareholders, curtailment of new
investments and building of the company"s property business.
Managing director to become non-executive
At the time of the adoption of the revised strategy, Martin Sacks informed the
board that he wished to resign as the company"s managing director in order to
pursue investment and business opportunities outside the group. Martin fully
supports the revised strategy and, at the board"s request, will remain a non-
executive director of the company and sit on the board committee responsible for
the implementation of the revised strategy. He will become a non-executive
director with effect from 30 June 2003.
Resignation of director and disposal of Cape Town business
Following the closure of Corpcapital Bank Limited, Barry Kalkhoven"s role as an
executive director of the company and managing director of Corpcapital Bank has
been completed.
With Corpcapital"s agreement, Barry and the staff of the company"s Cape Town
office have established Keystone Equity Partners (Proprietary) Limited, in order
to take over certain of the activities and assume certain of Corpcapital"s
liabilities relating to its Cape Town office. The transaction has no material
financial effect on Corpcapital.
Barry has resigned as a director of the company with immediate effect.
Disposal of Corpcapital Corporate Finance
In light of Corpcapital"s revised strategy and surrounding circumstances, the
company has agreed with the executives of Corpcapital Corporate Finance ("CCF")
that the advisory business of CCF will best be developed independently of
Corpcapital. Accordingly, with effect from 1 April 2003, the entire CCF
business has been acquired, as a going concern, by Java Capital (Proprietary)
Limited, a company owned by the CCF executives. Java Capital will continue to
service the corporate finance and advisory requirements of Corpcapital. The
transaction has no material financial effect on Corpcapital.
Rosebank
7 April 2003
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
