Intervid Limited - Minority recommendation
Intervid Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/011483/06)
Share Code: ITV
ISIN: ZAE000025615
("Intervid")
This announcement contains the minority recommendation of the directors of
Intervid, namely Rob Howard and James Howard, relating to the proposals to
remove and appoint various directors to the board. It is accordingly a private
announcement and not an official company announcement. It does not reflect the
view of the majority of directors, namely Mark Taylor, Wayne Jaggard and Johann
Pieterse, but in an endeavour to give shareholders a balanced perspective on the
proposed board changes, they have given their consent for its release in its
verbatim form. They do however reserve their rights to respond to the
recommendation in due course. Bill Lambert has abstained from expressing a view.
(quote)
Minority recommendation of directors Rob Howard and James Howard
The reason for the action taken by the Howard Family is as follows:
The minority directors namely Rob Howard and James Howard have lost confidence
in the leadership of Bill Lambert and they further nominate 3 new directors
being Richard Evan, George O"Reilly and Connie Howard which they believe will
represent the views and interests of the major and minority shareholders alike.
As the largest single shareholder grouping in Intervid Ltd, we feel that the
influence of Venfin at Intervid board level is significantly disproportionate to
its shareholding, and a more balanced board would be more advantageous for
Intervid shareholders generally.
Two of the nominees to the board are businessmen of substance, who will add
statue to the board. Mrs. C Howard was a founder director of Intervid, who
contributed to the establishment and early direction of the company and
represents the interest of the largest shareholding grouping.
We therefore urge you to support the board changes that we have proposed.
(unquote)
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 06/02/2004 05:23:04 PM
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