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CHANGES TO THE BOARD OF DIRECTORS OF THE COMPANY

Release Date: 03/07/2012 12:26
Code(s): HUG
Wrap Text
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG     ISIN: ZAE000102042

(a''Hugea'' or a''the Groupa'' or a''the Companya'') CHANGES TO THE BOARD OF DIRECTORS OF THE COMPANY
The board of directors of Huge remains committed to high
standards of corporate governance, which, given the size and
market capitalization of the Company, can present challenges
with regard to balancing affordability with compliance. The
board of directors continually strives to comply as fully as
possible with the third King Report on Corporate Governance
(a''King IIIa''), whilst ensuring the continued affordability of
its corporate governance structures. As a result, certain
changes to the board of directors have been proposed.
In compliance with paragraph 3.59 of the Listings Requirements
of the JSE Limited, Huge announces the following changes to the board of directors of the company:
- Mr DR Gammie has been appointed as an independent non-
executive director of the Company. His appointment takes effect from 29 June 2012;
- Mr BA McQueen has resigned from the board of directors of
the Company. His resignation took effect on 28 June 2012;
- Mr VM Mokholo, a current executive director of the Company,
has been appointed as the Executive Chairman of the Group; and
- Mr SP Tredoux has resigned as the Group's non-executive
Chairman but has been appointed as the Group's Lead Independent Director.
In addition, the following changes have been made to the
various board committees, which are occasioned as a result of
the changes to the board of directors recorded above:
- The Combined Remuneration and Nomination Committee has been
dissolved with the responsibility of the nomination function reverting to the board of directors;
- A new Remuneration Committee will be constituted,
consisting of Mr MR Beamish as Chairman of the Committee,
and Messrs AD Potgieter and VM Mokholo as members; and
- Mr DR Gammie will be appointed as the Chairman of the
Combined Audit and Risk Committee (a''CARCa''). Mr SP Tredoux
did not previously qualify for membership of the CARC given
his position as non-executive Chairman of the Company, but
in his new role as lead independent director of the Group, now qualifies for membership of the CARC.
- Mr MR Beamish has also been appointed as a member of the CARC.
Mr Gammie is a CA (SA) and has previously served as the
Financial Director of the Imperial Group, Murray & Roberts
Materials and the Aveng Group. Prior to taking early
retirement, Mr Gammie served as an executive director on the
board of the Aveng Group, where he was Chairman of the Growth
Committee, the Tender Risk Committee, and acting Managing
Director of an Aveng Group subsidiary company for a time. Mr
Gammie brings a wealth of financial experience to the board of Huge.
Huge thanks Mr McQueen for his valuable contributions both as
a non-executive director and Chairman of the Audit and Risk
Committee over the past years, and wishes him every success in his future endeavours. Johannesburg 3 July 2012 Designated Advisor Arcay Moela Sponsors (Pty) Limited
Date: 03/07/2012 12:26:00 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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