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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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