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Changes to the Board of Directors – Resignation, Appointment and Change in Status of Directors
EFFICIENT GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2006/036947/06)
Share code: EFG ISIN: ZAE000151841
(“Efficient Group” or “the Company”)
CHANGES TO THE BOARD OF DIRECTORS – RESIGNATION, APPOINTMENT AND CHANGE IN STATUS OF DIRECTORS
In compliance with paragraph 3.59 of the Listings Requirements of JSE Limited, the board of directors of the
Efficient Group (“the Board”) hereby notifies its shareholders of the following changes to the Board with effect
from 23 August 2017:
Resignation of directors
- Mrs Lynette Taylor has resigned as an independent non-executive director, due to health reasons; and
- Mr Abrie du Preez has retired as a non-executive director.
Appointment of directors
- Mr Ian Groenewald has been appointed as alternate director to non-executive director, Mr Ockert
Goosen.
Ian started his banking career at Stannic in 1991, before joining Real Africa Durolink (“RAD”) in 1993,
where he went on to become the head of its highly successful structured finance business. He was a
member of the RAD Group’s management committee and served as a director of RAD Holdings and its
various subsidiaries. In 1998, Ian relocated to London where he established and managed the RAD
Group's United Kingdom office. Following the takeover of the RAD Group in 2001, Ian joined Gensec in
London and subsequently relocated to Cape Town in 2002.
In addition to the design and implementation of structured finance transactions, Ian has acquired
considerable experience in designing collective investment schemes and other investment products in
various markets, including South Africa. Ian is one of the founding partners of Ora Fund Managers
(“Ora”), having served as Ora’s Chief Executive Officer since 2010. When Ora merged with Trustee
Board Investments (“TBI”) in 2017, Ian was appointed as the new Chief Executive Officer of the TBI
Group.
- Ms Babalwa Ngonyama has been appointed to the Board as an independent non-executive director and
a member of the Audit and Risk Committee.
Babalwa is the Chief Executive Officer of Sinayo Securities Proprietary Limited, a female owned and
managed business, as well as being the deputy chairperson of Brand South Africa. She is the former
Chief Financial Officer of Safika Holdings Proprietary Limited and the Group Chief Internal Auditor of
Nedbank Limited.
Babalwa is a graduate of the University of Transkei and qualified as a Chartered Accountant in 1999
after having completed her articles at PDB Pretorius Dondashe in Umtata. Her academic qualifications
also include a Masters of Business Administration from Bond University and a Higher Diploma in Banking
Law from Rand Afrikaans University. In 2008, Babalwa completed the Women in Leadership Programme
at Harvard University.
Whilst Babalwa was an audit partner at Nkonki Incorporated, and thereafter in Deloitte’s Financial
Institutions Services Team division, her clients included banks, treasury divisions, private equity
companies, and stockbrokers, as well as divisions of two of the Big Four banks in South Africa. Babalwa
was the founding chairperson of the African Women Chartered Accountants, an organisation focusing
on accelerating the development and advancement of female Chartered Accountants, and is currently a
member of its Advisory Board. Babalwa sits on the board and audit committee of Aspen Pharmacare
Holdings Limited, Impala Platinum Holdings Limited and chairs the audit committee of Clover Industries
Limited.
Change in status of a director
- Mr Ockert Goosen, who was appointed as an alternate director to Mr Abrie du Preez on 8 May 2017, will
be appointed as a non-executive director, in the place and stead of Mr Abrie du Preez.
The Board thanks Mrs Lynette Taylor and Mr Abrie du Preez for their valued contributions to the Efficient
Group. The Board also wishes Mrs Lynette Taylor a speedy recovery and return to good health.
The Board welcomes Mr Ian Groenewald and Ms Babalwa Ngonyama to the Board and looks forward to their
contributions to the Company.
Pretoria
24 August 2017
Sponsor
Merchantec Capital
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