HERCOL ANNOUNCES CHANGE IN DIRECTORATE
Heritage Collection Holdings Limited
ISIN: ZAE000023594
SHARE CODE HCL
Mr. Barry Lloyd, CEO of HERCOL, today announced the following changes to the
Board of Heritage Collection Holdings Limited.
"I am very pleased to announce that Mr. Nick McRae and Dr. Nick Steen have been
appointed to the Board as non-executive directors as from the 1st November 2002.
Mr. McRae was the CEO of Reader`s Digest South Africa for eleven years, and
during that time he led the company through nine consecutive years of record
profits. He was then appointed as CEO of the Australian Reader`s Digest office
for 3 years before returning to Cape Town. He was also formerly a director of AA
The Motorist Publications (Pty) Ltd and of the President`s Council of the South
African Direct Marketing Association. He brings a wealth of direct mailing and
management experience to our board, both locally and internationally. We are
delighted to make use of his expertise in this highly specialised field.
"I am also delighted that Dr. Nick Steen has agreed to join our board. He has
enormous business, tax and corporate knowledge which will be of immense use to
the company. Dr. Steen was formerly General Manager of Corporate Finance of
Trust Bank, thereafter Director of Private Banking at Investec and Managing
Director of Old Mutual Unit Trust Division. He has a PhD from the University of
Natal as well as an MBA from Edinburgh Business School, and is currently
studying for a second doctorate in retailing through the Graduate School of
Business at the University of Cape Town.
"Michael Bromley, who is currently our only non-executive board member, and a
partner of Hofmeyr Herbstein & Gihwala Attorneys Inc, has resigned in order for
HERCOL to fully comply with the provisions of King II as Hofmeyrs does much of
the company`s legal work. I would like to take the opportunity of thanking Mr.
Bromley for his valued services over the past three years."
ENDS
CONTACT:
BARRY LLOYD
CHIEF EXECUTIVE OFFICER
HERITAGE COLLECTION HOLDINGS LTD
10 MILL STREET
NEWLANDS, CAPE TOWN
TEL: 021-670 2610
FAX: 021-670 6204
DATE: 29 OCTOBER 2002
Date: 29/10/2002 04:27:45 PM Produced by the JSE SENS Department
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