ADW - African Dawn Capital Limited - Changes to the board of directors

ADW - African Dawn Capital Limited - Changes to the board of directors          
AFRICAN DAWN CAPITAL LIMITED                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/020520/06)                                            
JSE code: ADW                                                                   
ISIN: ZAE000060703                                                              
("Afdawn" or "the company")                                                     
CHANGES TO THE BOARD OF DIRECTORS                                               
In terms of paragraph 3.59 of the JSE Limited`s Listings Requirements, the board
of Afdawn wishes to advise the following changes to the Board of directors      
effective 31 December 2011.                                                     
Mr Christo Wiese will assume the role of Non Executive Chairman and Mr Tjaart   
Kruger will assume the role of Chief Executive Officer ("CEO"), following the   
resignation of Mr Peter Gordon, the current Executive Chairman.                 
Mr Gordon, who specialises in company turnarounds, was appointed as Executive   
Chairman in July 2010. He led Afdawn through a period of uncertainty culminating
in the successful recapitalisation of the Company in October 2011. Mr Gordon    
considers his task complete and believes that the company is well positioned for
success. Peter leaves to pursue his passion in business rescue and in this      
regard will be joining Grant Thornton SA to launch their business recovery unit.
The Board wishes him well in his new role.                                      
Mr Wiese is a chartered accountant and was Registrar of Banks in South Africa   
until he retired in 2003. He currently serves on the boards of a number of      
companies and was appointed as a non-executive director of Afdawn in October    
2009. He enjoys the Board`s unanimous support as the new Chair.                 
Mr Kruger is a chartered accountant with 18 years experience in the financial   
industry. He has served as Finance Director of the company since his appointment
in August 2010, is a natural successor to Mr Gordon and is well placed to lead  
the Company into the future; the Board had no hesitation in requesting him to   
fill the role of CEO. Mr Kruger will continue to perform the duties of Finance  
Director until the company fills the vacancy.                                   
The remaining non-executive directors, being Ms H Hickey CA(SA), Ms L Taylor    
BJuris, LLB, LLM and Mr WJ Groenewald BCom(Hons), remain unchanged.             
Johannesburg                                                                    
22 December 2011                                                                
Designated Advisor                                                              
Sasfin Capital                                                                  
(A division of Sasfin Bank Limited)                                             
Date: 22/12/2011 15:15:01 Supplied by www.sharenet.co.za                     
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