PCN - Paracon Holdings Limited - Change to the board of directors

PCN - Paracon Holdings Limited - Change to the board of directors               
PARACON HOLDINGS LIMITED                                                        
Incorporated in the Republic of South Africa                                    
(Registration number 1997/008181/06)                                            
Share code: PCN     ISIN: ZAE000029674                                          
("Paracon" or "the Company")                                                    
CHANGE TO THE BOARD OF DIRECTORS                                                
Shareholders are referred to the various announcements released on SENS since   
6 September 2011 regarding the proposed acquisition by Adcorp Holdings Limited  
("Adcorp") of the entire issued ordinary share capital of Paracon, by way of a  
scheme of arrangement in terms of section 114 of the Companies Act, 2008        
(Act 71 of 2008) ("Scheme"), the most recent of which - dated 16 November 2011 -
informed shareholders that the Scheme had become unconditional in accordance    
with its terms.                                                                 
As a result of the implementation of the Scheme, Paracon will become a          
wholly-owned subsidiary of Adcorp and the listing of Paracon ordinary shares    
on JSE Limited ("JSE") will be terminated at the commencement of trade on 6     
December 2011.                                                                  
In compliance with paragraph 3.59 of the JSE Listings Requirements, shareholders
are hereby notified of the resignations of all the non-executive directors of   
Paracon, as set out below, with effect from 7 December 2011:                    
*    Mr Grenville Andrews (Independent Chairman);                               
*    Mr Zeth Malele (Independent);                                              
*    Ms Thoko Mokgosi-Mwantembe (Independent);                                  
*    Ms Thandi Nzimande;                                                        
*    Mr Jeremy Ord; and                                                         
*    Mr Carl Stein (Independent).                                               
The Board thanks all of its non-executive directors for their dedicated service 
to the Company during its existence as a listed entity.                         
Mr Mark Jurgens and Ms Mireille Levenstein, the current executive directors of  
Paracon, will remain on the Board. They will be joined by Messrs Richard Pike   
and Mr Campbell Bomela, Chief Executive Officer and Chief Risk Officer &        
Executive Director of Adcorp, respectively, who have been appointed as non-     
executive directors of Paracon with effect from 7 December 2011.                
Shareholders are reminded that the Scheme will become operative on 5 December   
2011.                                                                           
Johannesburg                                                                    
2 December 2011                                                                 
Sponsor                                                                         
Merchantec Capital                                                              
Date: 02/12/2011 10:17:00 Supplied by www.sharenet.co.za                     
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