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CADIZ HOLDINGS LIMITED - Changes to the Board

Release Date: 21/11/2014 08:00
Code(s): CDZ     PDF:  
Wrap Text
Changes to the Board

CADIZ HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/007258/06)
JSE share code: CDZ
ISIN: ZAE000017661
(“the Company” or “Cadiz”)



CHANGES TO THE BOARD OF DIRECTORS


Cadiz Holdings Limited has experienced a challenging past few years, culminating in the recent asset
impairments which were disclosed in the Company’s interim results announcement on 14 November
2014. While the current investment performance of Cadiz Asset Management is not an unexpected
trend in the life cycle of a value manager, the board, in consultation with a majority of its shareholders,
believes that a proactive approach is necessary to drive the business successfully into the future. The
board has therefore decided to make changes to its directorship by appointing three new directors.
These directors will bring a fresh perspective and new energy to achieve the Company’s strategy with
their wealth of business ability and experience, and in particular the track record of having turned
around the fortunes of businesses in a variety of different industries. The remaining directors bring their
significant experience and corporate memory from their years of service on the board.


The Board will review all aspects of the business of Cadiz Asset Management and will seek to ensure
that the asset management business returns to sustainable profitability.


The Board looks forward to the continued commitment of all its clients, staff and shareholders during
this time and wishes to reassure them that careful consideration will be taken before any changes to the
existing business model are implemented.


BOARD CHANGES

The following have been appointed to the board as non-executive directors: Andrew Bonamour, William
Marshall-Smith, and Brian Wootton.    These directors are representatives of Blackstar Group SE
(“Blackstar”) and bring a wealth of experience in fund management, operations, corporate finance and
turnaround capability.   They will participate actively in the review of the business.  Blackstar has
recently acquired an interest in Cadiz.
Steven Saunders and Totsie Memela-Khambula have resigned from the board. The Board would like to
thank them for their loyal and valuable service to Cadiz over several years and wish them well in their
future endeavours.


Following these changes to the Board, the composition of the Board committees will be amended in
due course.

FORWARD LOOKING


The Board believes that the appointment of the new directors will be a catalyst to unlock the inherent
value in the Company and create positive momentum. The fundamentals of the Company remain
strong and these changes will serve to further enhance the prospects of the business. The Company is
well capitalised and has a healthy balance sheet.


CVs OF NEW DIRECTORS


Andrew Bonamour

Andrew is the founder of Blackstar Group SE ("Blackstar") and the CEO of Blackstar Group Proprietary
Limited ("Blackstar SA") and Times Media Group Limited ("TMG"). Andrew previously worked at Brait
where he held positions in investment banking, principal investment divisions and corporate finance. He
serves on the boards of several listed and unlisted companies and holds a Bachelor of Commerce
degree.


William Marshall-Smith

William joined Blackstar in 2005 and has over twelve years’ experience in corporate finance, public and
private investing in Africa. William is a director of Blackstar SA and is the Finance Director of TMG. He
serves on the boards of a number of private and publicly quoted companies and is a chartered
accountant.


Brian Wooton

Brian has 20 years’ experience in executive management positions in the media, publishing and retail
sectors as well as experience in mergers & acquisitions and corporate finance. Brian is a chartered
accountant and has worked closely with Blackstar in the past.


Cape Town
21 November 2014


Sponsor
Investec Bank Limited

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