KAP - Kap International Holdings Limited - Changes to The KAP Board

KAP - Kap International Holdings Limited - Changes to The KAP Board             
KAP INTERNATIONAL HOLDINGS LIMITED                                              
Incorporated in the Republic of South Africa                                    
(Registration Number 1978/000181/06)                                            
Share code: KAP                                                                 
ISIN: ZAE000059564                                                              
("KAP" or "the Group")                                                          
CHANGES TO THE KAP BOARD                                                        
In compliance with paragraph 3.59 of the Listings Requirements of the JSE       
Limited, KAP hereby advises shareholders of further changes to the KAP board of 
directors ("the Board") following the acquisition of the Steinhoff Industrial   
Assets by KAP which resulted in the reconstitution of KAP as a diversified      
industrial company with a range of new industrial assets, as well as KAP        
becoming a subsidiary of Steinhoff International Holdings Limited.              
Taking into account the requirements of the enlarged KAP, the Board has been    
expanded by the appointment of various non-executive directors, including the   
appointment of a new independent chairman as announced on 24 May 2012.          
The KAP board is pleased to announce further non-executive board appointments,  
which it believes will add an appropriate and experienced skill set to the      
board.                                                                          
*    Mr Patrick Keith Quarmby, appointed as an independent non-executive board  
    member and as chairman of the Audit and Risk Committee. Mr Quarmby was an   
    independent non-executive director on the board of Unitrans Limited from    
December 1999, up to its delisting in May 2007. Mr Quarmby was appointed to 
    the board of Dimension Data Holdings plc at the time of its listing in      
    London and Johannesburg in 2000, and has been a director of Dimension Data  
    since 1996. In July 2002, he was appointed Chairman of Datacraft Asia. Mr   
Quarmby is also a board member of Tradebridge and Nihilent. Prior to        
    joining Dimension Data, Mr Quarmby was Managing Director of Standard Bank   
    in Hong Kong, a Director of Standard Bank in London, and a tax partner at   
    Ernst & Young South Africa. Mr Quarmby graduated with Honours from the      
University of Cape Town and is a Chartered Accountant (SA).                 
*    Mr Stephanus Hilgard Muller, appointed as an independent non-executive     
    board member and as a member of the Audit and Risk Committee. Mr Muller     
    qualified as a chartered accountant in 1985. He worked in various audit and 
corporate finance capacities at Aiken and Peat until 1993 at which point he 
    joined Rand Merchant Bank as a Senior Credit Manager. During 1995 he joined 
    Genbel Investments and during the next 13 years he fulfilled various        
    capacities within the group including Chief Operating Officer: Equities of  
Genbel Securities Limited, Executive Director of Gensec Bank Limited and    
    served as a non-executive director and a member of the audit and            
    remuneration committees of various investee companies within the Genbel     
    Securities Group. During 2008 he left the group to pursue his own           
interests. He is currently an independent non-executive director of         
    Amalgamated Appliances Limited and also serves as the chairman of its Audit 
    and Risk Committees.                                                        
These new appointments are effective from the date of this announcement.        
As a result of the various appointments referred to above, the Board has gained 
a wealth of experience, which the Board believes will contribute to the growth  
of the enlarged group.                                                          
These appointments also provided the current non-executive directors of KAP with
the opportunity to consider their future role in the enlarged business.  To this
end, and, following the completion of the work of the independent board in      
respect of the acquisition of the Steinhoff Industrial Assets, the following    
directors have tendered their resignations with effect from the date of this    
announcement:                                                                   
Mr CE Daun;                                                                     
Mr F Moller;                                                                    
Mr U Schackermann; and                                                          
Mr KE Schmidt.                                                                  
The Board wishes to thank the aforementioned directors for the extensive role   
they have played and their contributions to the growth and development of KAP,  
as well as their willingness to assist with the hand-over of various committee  
functions, and the board wishes them well for the future.                       
The board also wishes to extend a special word of gratitude to Mr CE Daun, who  
has made an extremely significant contribution to the Group over many years.    
25 June 2012                                                                    
Paarl                                                                           
Date: 25/06/2012 14:30:04 Supplied by www.sharenet.co.za                     
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