IVT
IVT
Invicta Holdings Limited - Change in Directors
Invicta Holdings Limited
Registration number 1966/002182/06)
Share code: IVT & ISIN: ZAE000029773
("Invicta")
ANNOUNCEMENT
Arnold Goldstone, Chief Executive Officer of Invicta, has announced that Dr
Louis Marais, Bearing Man Limited"s ("Bearing Man") managing director has
resigned from the boards of Bearing Man and Invicta and will be joining another
Invicta subsidiary, Oscillating Systems Technology ("OST") as a shareholder and
fellow director to Gavin Pelser, OST"s managing director.
Bearing Man has experienced a growth in turnover of 168% over the last five
years. Operating profits are up 185% for the same period.
Dr Marais has acquired an equity stake in the recently acquired OST and will be
relocating to Pretoria after 1 August 2006 to take up his new position there.
Dr Marais, who joined Bearing Man in 1996 to formalise the company"s human
resources division, soon extended his portfolio to include corporate and branch
operations. Dr Marais was appointed assistant managing director in 2000 and
managing director in 2004. His unwavering loyalty to Bearing Man, knowledge of
the industry and close associations with overseas suppliers and customers, is
reflected in the company"s growth. The company is very pleased to retain his
services, albeit in another capacity.
"It has been a privilege to be part of the Bearing Man team and I have always
felt proud of the company"s great spirit and steadfast commitment to
excellence," says Dr Marais. "Although my new challenges will remove me from day
to day activities at Bearing Man, I am pleased to remain part of the Invicta
Group.
I am confident that with Bearing Man"s highly developed infrastructure,
financial stability and technical expertise, the company will continue to
increase market share."
The announcement of Bearing Man"s new managing director will be made by the
Invicta Board in due course.
Bearing Man, which was established in Durban as a single shop bearing company in
1974, now has a network of nearly 100 branches and is Africa"s largest
specialist distributor of bearings, seals, power transmission components,
electric and geared motors, belting and fasteners.
20 June 2006
Released by Lindy Morton, Festivitas (031) 502 2374 or 083 268 6666
For further information Dr Louis Marais, Managing Director, Bearing Man
Telephone (031) 576 6200 Fax (031) 576 6580
Date: 20/06/2006 04:22:43 PM Produced by the JSE SENS Department
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