DLV
DLV
Dorbyl - Changes in directorate
Dorbyl Limited
(Incorporated in the Republic of South Africa)
(Registration no. 1911/001510/06)
Ordinary share code: DLV
ISIN: ZAE000002184
("Dorbyl" or "the Company")
Changes in directorate
In 2001 Dorbyl Limited began a programme to refocus its operations and return
value to shareholders. That programme has been completed and a total of R37 per
share has been returned to shareholders following a number of disposals.
Shareholders have thus benefited by more than R1 billion from these special
dividends, while the company"s current share price remains at nearly the same
level as it was before the disposals.
This programme was driven by a group of executive directors headed by the Group
Chief Executive, Mr WW Cooper. Its successful conclusion means that the company
now has one remaining operating division, Dorbyl Automotive Technologies (DAT).
Dorbyl will continue to manage this division, and has stated that it is seeking
a Black Economic Empowerment partner for DAT.
The fact that the company is now considerably smaller than it was has prompted
both Mr Cooper and the Board to reconsider his position. Mr Cooper, in addition
to his duties as Group Chief Executive had subsequently also taken over the
managing director"s responsibilities at DAT.
In discussions finalised subsequent to the Annual General Meeting this week, it
was decided by mutual agreement that Mr Cooper, who has been Chief Executive for
11 years, will retire from the company with effect from 31 August 2006.
At the Annual General Meeting, the chairman, Mr N Phillips, informed
shareholders that he had developed a serious health condition and would retire
from the Dorbyl board in the near future.
Following these two developments, the board is pleased to announce, in
accordance with paragraph 3.59 of the Listings Requirements of the JSE Limited,
that:
- Mr William Worthington Cooper has resigned as a director of the Company
effective 31 August 2006; and
- Mr Roland Franz Rohrs will join the Board and be appointed as Chief
Executive Officer effective 1 September 2006.
Further, Dorbyl wishes to advise that the Chairman, Mr Noel Phillips, has
tendered his resignation, effective 15 September 2006, and that at that date Mr
Adriaan Sarel du Plessis will join the Board as Chairman.
Johannesburg
25 August 2006 Sponsor: PSG Capital Limited
Date: 25/08/2006 11:35:09 AM Produced by the JSE SENS Department
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