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MVG - Mvelaphanda Group Limited - Acquisition of a 28% interest in Mvela Group by Blackstar Group Se and changes to the Board of Directors of Mvela Group Mvelaphanda Group Limited (Incorporated in the Republic of South Africa) Registration number: 1995/004153/06 Ordinary share code: MVG Ordinary share ISIN: ZAE000060737 ("Mvela Group" or "the company") ACQUISITION OF A 28% INTEREST IN MVELA GROUP BY BLACKSTAR GROUP SE (THE "ACQUISITION") AND CHANGES TO THE BOARD OF DIRECTORS OF MVELA GROUP THE ACQUISITION Shareholders are advised in accordance with paragraph 3.83(b) of the Listings Requirements of the JSE Limited ("JSE"), that Mvela Group has been notified by Blackstar Group SE ("Blackstar") in terms of section 122 of the Companies Act, 71 of 2008, as amended, that it has acquired 146,423,470 ordinary shares in Mvela Group from funds managed by Coronation Fund Managers Limited representing approximately 28% of Mvela Group`s issued ordinary share capital. CHANGES TO THE MVELA GROUP BOARD In accordance with paragraph 3.59 of the Listings Requirements of the JSE, shareholders of Mvela Group are hereby advised that Messrs Andrew Bonamour and William Marshall Smith from Blackstar have been appointed to the board of directors of Mvela Group ("the Mvela Board") with effect from Thursday, 19 January 2012. Mr Bonamour will assume the role of interim chief executive officer. Their appointments will be subject to confirmation at the next annual general meeting of the company. Shareholders are further advised that Messrs Bryan Hopkins and Ernst Roth have tendered their resignations from the Mvela Board with immediate effect. The Mvela Board would like to thank both of them for their contribution to the company including overseeing the restructuring and unbundling of assets over the last two years. Mr Kuseni Dlamini, an independent non-executive director of Mvela Group has been appointed as lead independent non-executive director. The Mvela Board has mandated the Chairman, Mr Mikki Xayiya, to identify further candidates to assume the roles of the financial director and non-executive independent directors with the aim of ensuring that Mvela Group`s black empowerment legacy and status are maintained and to meet its corporate governance obligations. Further announcements on these appointments will be made in due course. Strategic review The Mvela Board has initiated a strategic review of the company to map its future and confirm its executive management structure. The results of this review will be made available to shareholders shortly. 18 January 2012 Sponsor Deutsche Securities (SA) (Pty) Ltd Date: 18/01/2012 15:00:01 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.
