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RCL FOODS LIMITED - RCL Foods business restructure

Release Date: 31/10/2014 15:15
Code(s): RCL     PDF:  
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RCL Foods business restructure

RCL Foods Limited
(Incorporated in the Republic of South Africa)
Registration number: 1966/004972/06
ISIN: ZAE000179438
Share code: RCL
(“RCL Foods” or “the Group” or “RCL Foods Group”)

RCL FOODS BUSINESS RESTRUCTURE

Further to the Group financial results announcement for the year
ended 30 June 2014, released on the Stock Exchange News Service
on 27 August 2014, shareholders are now advised of the RCL Foods
Board’s proposed implementation of a top level restructure within
the RCL Foods Group.

To date, the Group has been structured around the statutory
companies of Foodcorp, Rainbow, TSB and Vector. The Board has
resolved to restructure the Group into the logical business
clusters of “Consumer” (which includes Rainbow and Foodcorp’s
Grocery, Beverages, Pies and Speciality divisions) and “Sugar &
Milling” (which includes TSB, Rainbow’s Feed division Epol and
Foodcorp’s Milling and Baking divisions). Vector will continue to
operate as a standalone business, ultimately responsible for all
of the Group operations’ route to market. The restructure will be
effective from 1 January 2015 and the Board is confident that it
will facilitate the delivery of the Group’s strategy to build an
African food business of scale.

Scott Pitman, currently MD of Rainbow, has been appointed MD of
the Consumer division and John du Plessis, currently MD of TSB,
has been appointed MD of the Sugar and Milling division. Cliff
Sampson, currently MD of Foodcorp, has elected not to accept a
position within the restructured RCL Foods Group and, as such,
will leave the business at the end of December 2014. The Board
would like to take this opportunity to thank Cliff for his
leadership and commitment to Foodcorp and RCL Foods over the past
years and wish him well for his future endeavours.

Durban

31 October 2014

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited) 

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