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ESOR LIMITED - Results of annual general meeting and restructure of Board

Release Date: 27/06/2014 14:50:00      Code(s): ESR       PDF(s):  
Results of annual general meeting and restructure of Board

(Incorporated in the Republic of South Africa)
(Registration number: 1994/000732/06)
JSE code: ESR
ISIN: ZAE000184669
("the company" or “the group”)


Results of annual general meeting:
Shareholders are advised that, at the annual general meeting of the company
held today, all the resolutions as set out in the notice of the annual
general meeting were passed, with the exception of ordinary resolutions
numbers 4 and 5.

Restructure of the Board:
As mentioned at the annual general meeting, Esor intends to capitalise on
its current period of consolidation to effect a long-planned restructure of
the board. The initiative is now opportune given that the group has emerged
from a challenging three year period well-positioned to achieve future
growth objectives.     In order to facilitate seamless continuity, the
restructure will be phased in over the next six to eight months.

Chairman, Dave Thompson (78), and independent non-executive director,
Franklin Sonn (74), have for some time indicated their respective intention
to retire.   It is therefore intended that Group CEO, Bernie Krone (61),
will step into the non-executive role of Group Chairman, while Group CFO,
Wessel van Zyl (47), will be appointed CEO in his stead and a new Group CFO
will be appointed.

The move is in line with Bernie’s initial commitment on appointment to lead
the company through ten results cycles. Bernie was instrumental in listing
Esor on the JSE and secured a number of significant growth milestones
including major acquisitions and greenfields expansion. In recent years he
has steered the company through difficult times onto a stronger footing and
the directors are comfortable that his continued involvement at a non-
executive level will ensure that Esor will continue to benefit from his
invaluable experience and expertise.Wessel’s more than 15 years’
experience at a major listed South African construction company,
culminating in the executive appointment as Financial Director in 2009,
positions him well to assume his chief executive role and was a key
consideration in his appointment to the group in 2012. The directors are
confident that Wessel has the requisite experience, drive and energy to
take the group further.

It is also intended that Franklin Sonn will be succeeded by Heather Sonn as
an independent non-executive director. Heather has a wealth of experience
having held senior executive positions in investment management, stock-
broking and banking in the US, UK and South Africa and is currently
Managing Director of Gamiro Investment Holdings, which is focused on the
renewable energy, agriculture and financial services sectors. Further, the
directors are seeking to bolster the board with a highly experienced expert
in the field of construction and to boost black representation. Efforts in
this regard are ongoing.
A formal SENS announcement will be released on the effective appointment or
retirement of any director in line with the JSE Listings Requirements.

27 June 2014

Vunani Corporate Finance

Date: 27/06/2014 02:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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