FirstRand - Press Release: Cyril Ramaphosa Resigns From FirstRand Board
FIRSTRAND LIMITED
(Registration number: 1966/010753/06)
ISIN: ZAE000014973
Share Code: FSR
(`FirstRand`)
PRESS RELEASE
CYRIL RAMAPHOSA RESIGNS FROM FIRSTRAND BOARD
FirstRand regrets to announce the resignation of Mr Cyril Ramaphosa as a non-
executive director of FirstRand Limited.
Mr Ramaphosa, in his capacity as Chairman of and significant shareholder in
Millenium Consolidated Investments (MCI), has been offered an opportunity to
participate in a BEE transaction which will result in a conflict of interest
with his existing position as a director of FirstRand Limited. He has
therefore, in order to avoid any potential conflict of interest, tendered his
resignation with immediate effect before proceeding with further negotiations
regarding such investment.
MCI was offered participation in the proposed FirstRand BEE transaction but
declined to take up the offer due to numerous conflicts that would arise.
Commenting on the news, GT Ferreira, Chairman of FirstRand said;
`It is well known that FirstRand has made considerable progress in putting
together a BEE transaction and MCI would have been an ideal partner for the
group. It is unfortunate that due to their commitments, Mr Ramaphosa and MCI are
unable to participate.
`In the two and a half years that Mr Ramaphosa served on the FirstRand Board he
has made a valuable contribution to the success of the Group. It has been an
honour and a privilege to have had him as a member of our Board and we wish him
every success in his new venture.`
Ends
Enquiries - Sam Moss, Director Investor and Media Relations
Telephone; +27 11 282 1341. Cell; +27 82 4909985.
Email; sam.moss@firstrand.co.za
13 July 2004
Date: 13/07/2004 12:11:17 PM
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