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MMG
MMG
Micromega Holdings Limited - Changes to the Board of Directors
MICROmega HOLDINGS LIMITED
(Registration number 1998/003821/06)
(Incorporated in the Republic of South Africa)
Share code: MMG & ISIN code: ZAE000034435
("MICROmega" or "the Company")
CHANGES TO THE BOARD OF DIRECTORS
In terms of paragraph 3.59 of the Listing Requirements of the JSE Limited,
shareholders are advised of the following changes to the board of directors:
Background:
MICROmega has over the past year and a half diversified its operating activities
into four sectors, namely support services, financial services, information
technology and manufacturing and agency businesses. This diversification coupled
with the resultant growth in operating activities has resulted in the board
taking under review the need for a management and governance structure that will
ensure the group continues to expand in a controlled and economic manner.
The board has resolved that the most appropriate structure under which the
Company can continue to grow its operations and optimise earnings extraction is
to differentiate the role of the main board from that of the operations. In this
regard MICROmega has established an internal operating board that will be
chaired by the Group Chief Executive Officer, Wayne Rosenberg. The operating
board will be responsible for optimising earnings growth from current operations
whilst the main board will direct strategy and focus on governance matters.
The operating board will be constituted by executive directors from group
companies. Consequently, those executive directors currently on the main board
that are operationally responsible for activities in group companies will
relinquish their responsibilities on the main board and be appointed to the
operating board.
Furthermore, the main board has been re-constituted so that three of the four
members are non-executive, thereby enhancing the board"s independence and
delivering on our commitment to comply with sound corporate governance
standards.
To put the aforementioned enhancements into effect, the following changes have
been made to the board:
Resignations:
Mr Wayne Rosenberg, Mr Joe Vercueil and Mr John Storom, all executive directors,
have resigned from the board of directors with effect from 9 October 2006.
New Appointment:
Miss Ayanda Dlodlo has been appointed as an independent non-executive director
with effect from 9 October 2006. Miss Dlodlo studied Shipping and Transport
Management at the London Institute of Shipping and Transport (London City
College). She has worked at a senior management level for Transnet, Telkom and
Sanlam, from where she then moved to work for government as Head of Department
for the Department of Community Safety and the Directorate of Special Operations
(Scorpions) as Deputy National Head.
Change of Classification:
Mr Ross Lewin has relocated his affairs to Australia and does not have any
continuing day to day involvement in the affairs of the company. He has been
retained on the board of directors in a non-executive role with effect from 9
October 2006.
The board of directors currently consists of Mr Greg Morris (Executive
Chairman), Mr Sibusiso Mpanza (Independent Non-executive), Miss Ayanda Dlodlo
(Independent Non-executive) and Mr Ross Lewin (Non-executive).
10 October 2006
Sponsor: Vunani Corporate Finance (Pty) Ltd
Date: 10/10/2006 02:03:34 PM Produced by the JSE SENS Department
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