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MVG MVGP
MVG
Mvelaphanda Group Limited - Succession Planning - Chief Executive Officer
MVELAPHANDA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/004153/06)
Ordinary Share code: MVG
Ordinary share ISIN: ZAE000060737
Preference share code: MVGP
Preference share ISIN: ZAE000073540
("the Company" or "Mvela Group")
SUCCESSION PLANNING - CHIEF EXECUTIVE OFFICER ("CEO")
At the time of concluding the merger between Rebserve Holdings Limited and the
assets and businesses of Mvelaphanda Holdings (Proprietary) Limited to form
Mvela Group, a service contract was concluded between Mvela Group and Stephen
Levenberg in terms whereof Stephen Levenberg was appointed as CEO of Mvela Group
and agreed to serve in that capacity for the period of three years ending on 31
March 2007.
Stephen Levenberg has, with effect from 30 June 2007, decided to step down as
CEO of Mvela Group in order to pursue his personal interests. He will
accordingly resign as CEO of Mvela Group on and with effect from 30 June 2007,
being the end of the current financial year of Mvela Group. The Company has
accepted this decision.
Mvela Group has initiated a process of evaluating appropriate internal and
external candidates for the position of CEO, to succeed Stephen Levenberg with
effect from 1 July 2007. Stephen Levenberg has agreed to participate in this
evaluation process, to co-operate in ensuring an orderly handover of the duties
of CEO to his successor, and to make himself available as a consultant to Mvela
Group for a period of six months from 1 July 2007.
Executive Chairman Tokyo Sexwale says: "I recognise the contribution which
Stephen has made to the Company since its original listing ten years ago, and
appreciate his contribution to the establishment of the solid platform which is
now in place for Mvela Group, whereby its strong balance sheet, healthy cash
flows and cash resources, and depth of management, will enable us to nurture and
grow an industrial and financial group of magnitude. I have enjoyed working
with Stephen over three years and wish him luck for the future".
Stephen Levenberg says: "I will be sorry to leave Mvela Group as I have worked
very well with the people at Mvela Group. However, after a career with the
Company spanning a decade and commencing with the founding of the listed
company, it is time for a change both from a personal point of view, and to
enable Mvela Group, as a leading BEE company, to embark on the next logical
stage of its dynamic growth and development. I wish all the people at Mvela
Group well".
Sandton
4 December 2006
Sponsor
Deutsche Securities (SA) (Pty) Ltd
Date: 04/12/2006 03:35:06 PM Produced by the JSE SENS Department
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