Gilboa - Changes To The Board Of Directors
GILBOA PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
(Share code: GLB)
ISIN code: ZAE000010286
(`Gilboa" or `the company")
CHANGES TO THE BOARD OF DIRECTORS
In compliance with section 3.59 to 3.62 of the JSE Securities Exchange South
Africa Listing Requirements the board of directors hereby notifies its
shareholders of changes to its board of directors:
Riana Storbeck resigned as financial director, with effect from 12 May 2004.
Gabriel Paulino Sequeira ("Gabby") has been appointed as financial director with
effect from 14 May 2004. Gabby completed a B.BusSc Finance (Honours) degree at
UCT whereafter he joined Prime Events as financial manager in 1998 until 2001
when he joined a wholesale company in Centurion. When a leading Merchant Bank
acquired control of the wholesale company, having formerly been an equity
investor, Gabby was promoted to general manager. The business was restructured
which involved, in part, the intended disposal of a division of the business to
Calulo Investments, which deal did not proceed. However, Gabby was offered an
opportunity with Calulo Investments (Pty) Ltd ("Calulo"), an empowerment
investment company, as financial manager in 2002 and was later promoted to
financial director in 2004. Gabby has been actively involved in investigating
and securing mining projects in terms of the agreement between Calulo and The
Absolute Coleccion (Pty) Ltd, in which Gilboa has a 49% interest through its
100% subsidiary Absolute Tiles (Pty) Ltd. Calulo will be vending in their 51%
shareholding in Absolute Coleccion in return for an equity interest in Gilboa as
previously announced.
By order of the Board
Johannesburg
17 May 2004
Sponsor Arcay Client Support (Pty) Ltd
Arcay Group Limited Registration number 1998/025284/07
Date: 17/05/2004 05:05:43 PM Produced by the JSE SENS Department
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