NEW AFRICA INVESTMENTS LIMITED - PRESS STATEMENT OF NEW AFRICA INVESTMENTS
LIMITED
NEW AFRICA INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/002467/06)
Share code: NAI and NAN
ISIN: ZAE000033338 and ZAE0000033346
(`NAIL` or `the company`)
Press Statement of New Africa Investments Limited
Saki Macozoma steps down today as a Chief Executive Officer of New Africa
Investments Limited (NAIL) after almost three years at the helm. Macozoma
joined the management of Nail in August 2001 after Safika Holdings and Wiphold
had bought into Nail. He has been on the Board of Nail since 1997.
Significant events during his tenure was the unbundling of New Africa Capital in
2001 and the unsuccessful acquisition of Kagiso Media by Nail as the deal was
blocked by ICASA in 2002. This resulted in the company reviewing its media
strategy. A decision was taken to stay within the media sector and make
acquisitions in areas that are not regulated. A further transaction was
contemplated in 2003 to acquire Johnnic`s interest in Johncom as part of a media
consolidation strategy. The deal could not go through primarily because of
differences on price.
In 2003, the Board of Nail, led by the CEO, looked at different scenarios
including acquisitions in areas other than media. The Board concluded that such
a move would be inappropriate. In the absence of growth opportunities in the
media space, the Board decided to merge / dispose of its assets through a
competitive bidding process. The intention was to get the best value possible
for shareholders and then to return cash generated to shareholders. The `N`
share price moved from R6.61 on the 31 April 2003 to R10.30 by the time the Tiso
Consortium acquired Nail.
The process of disposal of Nail assets is almost completed with a few assets
remaining and some regulatory approvals outstanding. It is the feeling of the
Board and Macozoma that the task of the CEO is now completed. Macozoma will
step down as CEO from today but will remain on the Board as a Non-Executive
Director. He will also help with the outstanding regulatory and related issues.
The day to day running of the company will be in the hand of the Executive
Directors, Kenny Setzin and Raymond Kevan.
The Board of Nail would like to take this opportunity to thank Mr Macozoma for
his valuable contribution over the past three years and wishes him well in his
future endeavours.
All enquiries to Kenny Setzin
Tel: (011) 463-1744
Date: 31/05/2004 05:08:43 PM Produced by the JSE SENS Department
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