| Tue 22 Jul 2003, 16:19 | | Sage Group Limited - Board Restructuring |
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Sage Group Limited
(Incorporated in the Republic of South Africa)
(Reg. No 1970/010541/06)
Share code: SGG ISIN ZAE000006623
("Sage Group" or "The company")
BOARD RESTRUCTURING
As recently announced, Sage Group has successfully completed its R350 million
capital raising exercise. New capital of R235 million was raised by way of a
rights issue to shareholders, supported mainly by ABSA, Remgro (through FSL and
Sagecor) and Mines Pension Funds, and R115 million by way of a specific issue to
a consortium of investors represented by, and including, AVASA Holdings Limited
(The AVASA Consortium).
Following the capital raising, the board of Sage Group has been restructured
with immediate effect.
Julian Treger and Brian Myerson, joint chairmen of AVASA Holdings, have been
appointed non executive directors representing the AVASA Consortium.
Alan van Biljon, recently retired group chief financial officer of Standard Bank
Group Limited, has joined the board as an independent non executive director and
has been appointed chairman of the audit committee.
Further Sage Group board changes are the following:
- Barend du Plessis, John Postmus and Carl Stein, who served as non executive
directors, have relinquished their board appointments.
- Robin Marsden, formerly chief executive of the group"s international
activities, has relinquished all his group board appointments and has left the
group following completion of the disposal of its international activities.
- Bernard Nackan has retired from the Sage Group board and will be leaving the
group at the end of September. He will continue as a non executive director of
Sage Unit Trusts and will continue to represent the company at the Association
of Collective Investments where he is currently chairman and
- John Henderson, an executive director, has relinquished his position on the
Sage Group board but continues as statutory actuary of Sage Life and as an
executive director of Sage Life and Sage Unit Trusts.
The restructuring will result in similar changes on the boards of both Sage Life
and Sage Unit Trusts.
Following the restructuring, there will now be 12 directors on the Sage Group
board, comprising 5 non executive directors, 4 independent non executive
directors and 3 executive directors.
The restructured board of Sage Group is:
Non Executive: Dr Danie Cronje (chairman), Brian Myerson, Louis Shill, Julian
Treger and Adv. Theo van Wyk.
Independent non executive: Mandla Adonisi, Alan van Biljon, Dr Bruce Ilsley and
Louw van Wyk
Executive: Garth Griffin (group chief executive), Janssen Davies (chief
executive SA operations - Sage Life and Sage Unit Trusts) and Leon Kaplan (group
financial director).
22 July 2003
