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GRF - Group Five Limited - Response to Competition Commission announcement

Release Date: 01/02/2011 13:35
Code(s): GRF
Wrap Text

GRF - Group Five Limited - Response to Competition Commission announcement Group Five Limited (Incorporated in the Republic of South Africa) (Registration Number 1969/000032/06) Share code: GRF ISIN: ZAE000027405 ("Group Five") Response to Competition Commission announcement In response to the announcement released by the Competition Commission (Commission) today in respect of the proposed investigation into anti - competitive behaviour within the Construction industry, Group Five wishes to confirm the following:- As communicated previously, Group Five has adopted a proactive stance in respect of the above and has since 2008 conducted extensive in house education and awareness programmes to ensure that our employees do not breach competition legislation as may have been the case in the past. During the latter part of 2009, after having conducted an internal investigation, and in order to protect shareholder value, Group Five submitted a number of markers in respect of potential contraventions of competition legislation, and has to date been the most proactive in the sector. We are currently in the process of negotiating various leniency applications in respect of the above mentioned contraventions. We believe that our proactive and co-operative approach in taking advantage of the Commission`s leniency programme has played an important role in mitigating the risk of penalties and / or fines. The Board of Group Five once again confirms its support for the Commission`s process and its commitment to assist the Commission in its objective to rid the sector of anti-competitive behaviour. In terms of the Commissions corporate leniency policy, we have not been able to, nor will be able to, discuss any further details at this stage. Johannesburg 1 February 2011 Sponsor Nedbank Capital Date: 01/02/2011 13:35:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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