CONSOLIDATED INFRASTRUCTURE GROUP LIMITED - Changes to the board of directors and change to executive function of a director

Changes to the board of directors and change to executive function of a director

CONSOLIDATED INFRASTRUCTURE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2007/004935/06)
JSE share code: CIL ISIN: ZAE000153888
(“CIG” or the “Company”)


CHANGES TO THE BOARD OF DIRECTORS AND CHANGE TO EXECUTIVE FUNCTION OF A DIRECTOR


Shareholders are referred to the announcement released on Tuesday, 10 November 2020 wherein
shareholders were advised that CIG had commenced voluntary business rescue proceedings followed
by an announcement that Petrus van den Steen and Martin du Toit Liebenberg, had accepted the
appointment as joint business rescue practitioners (“BRPs”) to CIG.

In light of this decision, the Company also applied to the JSE for the voluntary suspension of trading in
CIG shares in terms of paragraph 1.10 of the JSE Listings Requirements, and this request was approved
by the JSE on 25 November 2020.

In terms of voluntary business rescue proceedings, and in line with Chapter 6 of the Companies Act 71
of 2008 (“Companies Act”), the BRP’s, as the Company’s authorised individuals, assumed control of
the Company in substitution of the CIG board of directors (“Board”) and have commenced preparation
of the Business Rescue Plan.

The BRP’s met with the Board on a regular basis since their appointment, and these discussions have
been fruitful in assimilating the necessary corporate information required.

The non-executive directors (“NED’s”) of CIG, namely Sean Melnick, Roger Hogarth, Trent Hudson
and Judy Nwokedi are of the view that, as the Company is under the management control of the BRP’s
in substitution for the Board, in terms of Chapter 6 of the Companies Act, the NED’s can offer no
further assistance to the BRP’s at this stage and have resigned from the Board with effect from 5th
February 2021. Consequently, the Board committees of which the NED’s are members (being the Audit
and Risk, Social and Ethics, Investment, Remuneration and Nomination committees) will all dissolve
with effect from the same date.

The BRP’s have accepted the resignations and acknowledge the NED’s offer to remain available to the
BRP’s as required.

We thank Sean, Roger, Trent and Judy for their valuable contribution to the Board and wish them well
in their future endeavours.

Shareholders are further referred to the announcement released on SENS on 1 October 2020 regarding
the resignation of Cristina Teixeira as chief financial officer (“CFO”) of the Company and are advised
that dispensation has been obtained from the JSE Limited (“JSE”) for Raoul Gamsu to assume the dual
role of chief executive officer (“CEO”) and CFO of CIG until the business rescue plan is in place,
whereafter the JSE must be consulted should an extension be required.

Raoul Gamsu with accordingly assume the dule role of CEO and CFO of the Company, with immediate effect.


8 February 2021

Sponsor
Java Capital

Date: 08-02-2021 03:22:00
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