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WTL - William Tell Holdings Limited - Changes to the board of directors

Release Date: 01/02/2012 17:06
Code(s): WTL
Wrap Text

WTL - William Tell Holdings Limited - Changes to the board of directors WILLIAM TELL HOLDINGS LIMITED Incorporated in the Republic of South Africa) Registration Number: 2004/030045/06) JSE Code: WTL ISIN: ZAE000098133 ("William Tell" or "the Company") CHANGES TO THE BOARD OF DIRECTORS 1. In compliance with paragraphs 3.59(a) and 3.59(b) of the Listings Requirements of the JSE Limited, shareholders are hereby informed of the following changes to the Board of directors ("the Board"): 2.1 Mr. Barry Lok has been appointed as Executive Chairman of the Board, whereas Mr. Clyde Lok will remain on the Board as a non-
executive director and as Chairman of the Social and Ethics committee; 2.2 Mr. Anthony de la Rue has been appointed as lead independent non-executive director of the Board; 2.3 The three independent non-executives Anthony de la Rue, Mike Borello and Rob Scott ("the independent non-executives") have been appointed as members of the Audit and Risk Committee with
Mr. Rob Scott being appointed as Chairman thereof; 2.4 The independent non-executives have been appointed as members of the Remuneration and Nominations Committee with Mr. Anthony
de la Rue being appointed as Chairman thereof; 2.5 The Board has established two new committees viz.: 2.5.1 A Production Committee comprised of Mr Mike Borello as chairman, Barry Lok together with the production
management. The Production Committee will focus on expediting the optimisation of production efficiencies and volumes going forward. 2.5.2 A Business Development Committee Comprising Rob
Scott as Chairman together with the executive sales and marketing team. This committee will focus on the strategy for growth in sales and distribution.
2.6 The resignation of Mr. Neville de Winnaar as executive director from 1 February 2012 - Neville de Winnaar will remain in a non-executive roll until 30 April 2012 to ensure an orderly hand over of his portfolio;
2.7 The resignation of Evan Badenhorst as Financial Director of the Company with effect from 30 April 2012 to ensure an orderly hand over to a successor. 2.8 The resignation of Mr. Johan Diederiks as Chief Executive Officer and executive director from 1 February 2012. 2. The Board would like to thank Evan, Johan and especially Neville for their contributions to the Company and wishes them well in their future endeavours. 3. Barry Lok founded William Tell in 1980 and his vast knowledge of the business and industry is highly regarded. The Board would like to welcome Barry`s return as an executive and looks forward to valued contributions. Shareholders will be duly advised of the appointment of a Financial Director to succeed Evan Badenhorst. Barry Lok will be supported by a Group General Manager to allow his focus on optimisation of production efficiencies and implementation of a growth strategy. Johannesburg 1 February 2012 Designated advisor: PSG Capital Proprietary Limited Date: 01/02/2012 17:06:45 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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