Primedia - MIC Renews Commitment To Primedia - News release
Primedia Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/003355/06)
Share code: PMA ISIN: ZAE000035119
Share code: PMN ISIN: ZAE000035127
4 October 2004
MIC RENEWS COMMITMENT TO PRIMEDIA.
The Mineworkers Investment Company (Mic) announced today that it has extended
the voting pool agreement with the Kirsh Consortium, in Primedia Limited, for a
minimum period of three years beyond it original expiration date of March 2005.
In terms of the renewed voting pool agreement, Mic will continue to assume joint
control of Primedia with the Kirsh Consortium, through a combined voting holding
of 44%.
Paul Nkuna, CEO of Mic and non-executive Chairperson of Primedia, said:
`Primedia is a strategically important investment for Mic as it has enabled us
to achieve our strategy, of black ownership and operational control in the media
sector. Over the past eight years, Primedia has made major strides in
transformation, specifically the transfer of skills to senior black executives,
and has achieved a financial and operational turnaround to become a major force
in the media industry in South Africa.`
William Kirsh, CEO of Primedia, said: `Mic has played a substantive role in both
the Group`s transformation and its improved performance. Our relationship with
Mic is now in its eighth year and has proved to be one of the most successful
empowerment partnerships in South Africa. The voting pool agreement provides a
strong basis from which to build on our success to date for the benefit of all
our stakeholders.`
-ends-
Date: 04/10/2004 02:35:34 PM
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