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PSG Group / PSG Financial Services / Arch Equity - Resignation Of Director

Release Date: 08/08/2006 07:09
Code(s): PSG ACH PGFP
Wrap Text

PSG Group / PSG Financial Services / Arch Equity - Resignation Of Director PSG Group Limited Registration number 1970/008484/06 JSE share code: PSG ISIN code: ZAE000013017 ("PSG Group") and PSG Financial Services Limited Registration number 1919/000478/06 JSE Share code: PGFP ISIN code: ZAE000060166 ("PSG Financial Services") and Arch Equity Limited Registration number 2004/004019/06 JSE Share code: ACH ISIN code: ZAE000061073 ("Arch Equity") RESIGNATION OF DIRECTOR PSG Capital is authorised to announce that, following the approval by the High Court of South Africa (Cape of Good Hope Provincial Division) on 1 August 2006 of the merger between Arch Equity and PSG Group, Arch Equity will be delisted on 15 August 2006 and the cross shareholding eliminated as set out in the circulars to PSG Group and Arch Equity shareholders. After the merger Arch Equity Investment Holdings (Pty) Limited ("Arch Equity Investment Holdings") will be the unlisted BEE vehicle owned 49,9% by PSG Financial Services and 50,1% by BEE shareholders. PSG Group, PSG Financial Services and Arch Equity have therefore accepted Mr Desmond Lockey"s resignation as director, effective on 4 August 2006 in respect of PSG Group and PSG Financial Services. His resignation as a director of Arch Equity and Arch Equity Investment Holdings and any of its subsidiaries will, however only be effective from 1 September 2006. Mr Lockey will retain his shareholding in PSG Group but will transfer his approximately 17,5% shareholding in Arch Equity Investment Holdings (new unlisted entity) to a new BEE party to be identified by its shareholders. A new chairman for Arch Equity Investment Holdings will be appointed in due course. No changes will be effected on a management level in the interim. The boards of PSG and Arch Equity express its appreciation to Mr Lockey for his contribution as director over the past two years and wish him well with his future endeavours. Stellenbosch 7 August 2006 Sponsor to PSG Group and designated advisor to Arch Equity PSG Capital Limited Date: 08/08/2006 07:09:06 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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