Jasco - Board Changes and Appointment of New Compa
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Jasco - Board Changes and Appointment of New Company Secretary
Jasco Electronics Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/003293/06)
Share Code: JSC & ISIN: ZAE000003794
("Jasco")
ANNOUNCEMENT OF JASCO BOARD CHANGES AND APPOINTMENT OF NEW COMPANY SECRETARY
Martin Lotz to become CEO and Joe Madungandaba to become non-executive Deputy
Chairman
The board of Jasco is pleased to announce that Jasco"s current Chief Operating
Officer, MH (Martin) Lotz, is promoted to Chief Executive Officer. The current
CEO, MJ (Joe) Madungandaba, assumes the position of non-executive Deputy
Chairman. Both appointments are with immediate effect.
Lotz has been with Jasco since 2000. He was promoted from Finance Director to
COO in 2004, with responsibility for the group"s financial and operational
management. As COO, Lotz has focused on driving the group"s organic growth
strategy. The success of this strategy was evidenced by the 31% growth in
revenue and 61% growth in net profit before taxation for the period to February
2006. The increase in headline earnings of 70% and earnings per share of 61%
also cemented the group"s return to earnings growth.
As it is the group"s stated intention to grow Jasco both organically and through
strategic acquisitions, Lotz will continue working with the board to explore
appropriate acquisition opportunities. The group has no gearing and remains
committed to actively, but judiciously, pursuing acquisitions that will lead to
long-term growth in shareholder value.
The process of appointing a Finance Director is progressing and an announcement
in this regard will be made in due course.
The board is also pleased to announce the appointment of MW (Motlatsi) Lekhasa
in the role of company secretary, effective 17 July 2006. Lekhasa holds a LLB
degree and has previous experience as a company secretary.
Johannesburg
5 July 2006
Sponsor
SASFIN CAPITAL
A division of Sasfin Bank Limited
Date: 05/07/2006 09:37:03 AM Produced by the JSE SENS Department
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