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METAIR INVESTMENTS LIMITED - Changes to the board of directors and board committees

Release Date: 01/03/2019 11:05
Code(s): MTA     PDF:  
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Changes to the board of directors and board committees

Metair Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1948/031013/06)
ISIN: ZAE000090692
Share code: MTA
(“Metair” or the “Company”)

CHANGES TO THE BOARD OF DIRECTORS AND BOARD COMMITTEES

In compliance with paragraph 3.59 of the JSE Limited Listings Requirements, Metair
shareholders are advised of the following changes to the board of directors of Metair
(“Board”) and Board Committees:

1.   Retirement of a director:

     Mr J. Best, a lead independent non-executive director, shall retire from the Board at
     the next annual general meeting (“AGM”), in accordance with the provisions of the
     Company’s memorandum of incorporation, and as Mr Best is re-locating to Ireland,
     he informed the Board that he would not offer himself for re-election, and will
     accordingly retire as a director of the Company at the AGM.

     The Board would like to express its gratitude to Mr Best for his extremely valuable
     service to the Company during the past ten years and wishes him well in his future
     endeavours.

2.   Appointments to the Board:

     Following the retirement of Messrs Broadley and Soanes and Mr Best’s decision to
     retire from the Board, Metair initiated a process to identify new independent non-
     executive directors to balance the Board's knowledge, skills and experience.

     The culmination of this process resulted in the appointment of Messrs Sam Sithole,
     Paul Moeketsi and Michael Flemming, with effect from 1 March 2019. The Board is
     very pleased to welcome them and looks forward to their contribution to the
     continued success of Metair.

     Mr Sithole is a qualified Chartered Accountant (South Africa and Zimbabwe) who
     brings extensive financial experience to the Board. He is currently the Chief
     Executive Officer (“CEO”) and Co-Founder of Value Capital Partners (Pty) Limited
     (“Value Capital Partners”). He currently serves on the boards of Allied Electronics
     Corporation Limited, Adcorp Holdings Limited, African Phoenix Investments Limited
     and Sun International Limited. His previous employment includes the Brait Group, in
     the capacity of Financial Director. Prior to that, he was an Executive Director of the
     Capital & Treasury Division at Deloitte, where he was the Group Leader of the
     Financial Services Audit Practice in South Africa.

     Mr Moeketsi is a qualified Chartered Accountant (South Africa) who has a wealth of
     experience in private equity and investments. He is currently an Investment Director
     at Value Capital Partners and serves as a non-executive director on the board of
     Adcorp Holdings Limited. His previous employment includes a Principal at Medu
     Capital (Pty) Limited, where he was responsible for deal sourcing, deal execution,
     portfolio management and led and concluded a number of transactions. Prior to that,
     he was a consultant position at Investec Corporate Finance. He served on various
     boards including Elite Truck Hire (Pty) Limited, Universal Paints (Pty) Limited,
     Wekaba Engineering (Pty) Limited, Industrial Water Cooling (Pty) Limited and Kentz
     South Africa.

     Mr Flemming holds a B Comm., Bachelor of Law, B Prok., and Advanced
     Management Programme at Harvard and has extensive experience in executive
     management positions which includes the role of Financial Executive and General
     Business Manager of Afrox Healthcare Limited, sitting on the board of listed entities:
     African Oxygen Limited and Afrox Healthcare Limited, and CEO of Life Healthcare
     Group Holdings Limited. He is currently a consulting Operating Partner of Advent
     International LLC and serves as a non-executive director on the board of Medicover
     AB, a healthcare service company operating in Eastern Europe, the United Kingdom
     and India.

     The search for a suitable candidate boasting the requisite knowledge and
     experience of the automotive industry and manufacturing expertise is ongoing.

3.   Changes to the various Board Committees:

     With effect from 2 May 2019, the following changes to the Board’s Committees will
     take place:

     -   Mr B. Mawasha, an independent non-executive director, will step down as a
         member from the Remuneration Committee, and will be replaced by Mr Sithole;

     -   Messrs Mawasha and Moeketsi will be appointed as Chairman and Member of
         the Investment Committee, respectively;

     -   Mr Flemming will be appointed as Chairman of the Audit and Risk Committee;
         and

     -   Messrs Mawasha and Sithole will be appointed as Members of the Nominations
         Committee.

Johannesburg
1 March 2019

Sponsor
One Capital

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