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Changes to the board following the notification of a firm intention to make a mandatory offer to Dorbyl shareholders
Dorbyl Limited
(Incorporated in the Republic of South Africa)
Registration Number: 1911/001510/06
Share Code: DLV ISIN: ZAE000002184
("Company" or "Dorbyl")
CHANGES TO THE BOARD FOLLOWING THE NOTIFICATION OF A FIRM
INTENTION TO MAKE A MANDATORY OFFER TO DORBYL SHAREHOLDERS (“THE
MANDATORY OFFER”) RECEIVED FROM AFRICAN DUNE INVESTMENTS 311
(PROPRIETARY) LIMITED (“AFRICAN DUNE”)
Shareholders are referred to the Mandatory Offer announced on
SENS on 21 September 2012.
In order to comply with the requirements of the Companies
Regulations relating to the composition of an independent board,
and in compliance with section 3.59(a) of the JSE Listings
Requirements, shareholders are hereby informed that Mr Phildo
Steyn (“Phildo”) has been co-opted as an independent non-
executive director to the Board of directors of Dorbyl ("the
Dorbyl Board"), with effect from 2 October 2012 and until the
next annual general meeting.
Phildo completed his articles with PriceWaterhouseCoopers in
Johannesburg in 1998 after which he joined Fleming Martin as an
insurance analyst. In 2002 he joined ING Barings as banks
analyst and moved to London, United Kingdom. Phildo later
returned to South African in 2003 and took up a position as head
of financial research at HSBC in Johannesburg. In 2006 Phildo
joined Absa in the strategy department as a strategy consultant.
In 2009 Phildo co-founded enValue South Africa (today rebranded
as Toad Capital), a corporate finance and financial advisory
firm.
In accordance with the Companies Regulations, an independent
Dorbyl board has been appointed by the Dorbyl Board comprising
of Tracy Morkel, Jacques Badenhorst and Phildo Steyn ("the
Independent Board").
The Independent Board will review and consider the independent
expert`s opinion and recommendations in regard to the Mandatory
Offer. The full details of the Mandatory Offer, the substance of
the external advice and the opinion of the Independent Board
relating to the Mandatory Offer will be detailed in a
comprehensive circular to shareholders, which circular will be
distributed in due course.
Johannesburg
3 October 2012
Transaction advisor and sponsor to Dorbyl: PSG Capital
Proprietary Limited
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