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ALEXANDER FORBES GROUP HOLDINGS LIMITED - Breach of confidential company information

Release Date: 05/03/2019 17:50
Code(s): AFH     PDF:  
Wrap Text
Breach of confidential company information

Alexander Forbes Group Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2006/025226/06)
ISIN: ZAE000191516
Share Code: AFH
("the Company" or "Alexander Forbes" or "the Group")


Over the past two days, Alexander Forbes and one of its major shareholders, African Rainbow
Capital Limited (ARC), have been subject to adverse media commentary. The reports are factually
inaccurate in many respects, contain speculative and misleading comment and rely on unrelated
and dated information. It is the Company’s standard approach not to fuel and engage in
speculation. The most recent activities however are of such a serious nature that the Board
considered it prudent to address these matters.

The Board has reason to believe, on a balance of probabilities, that a disgruntled former employee
has breached fiduciary duties, the duty of confidentiality and has disclosed confidential Company
information, with the specific purpose to discredit the Company and its shareholder, ARC (also a
listed entity). In addition, the disclosure of such confidential information may also be in breach of
the Financial Markets Act 19 of 2012. The Board has accordingly instituted an investigation in this
regard, and will consider any and all legal avenues available to it to protect the Company’s
confidential information.

The Company has a demonstrable track record of adhering to the highest standards of
governance. The Board engages appropriately with all major shareholders and considers all
proposals to the Company in the best interest of stakeholders holistically. No single Alexander
Forbes shareholder has the power to control the Board through equity control or nominated
directors. Real or potential conflicts of interest, are proactively managed and no directors
participate in any decisions in which they may directly or indirectly have any interest.

The Board accordingly recommends, that no reliance should be placed on the reports and these
must be seen in the context set out above. The Board therefore does not regard it necessary to
advise shareholders at present to trade with caution in the Company’s shares.

Carina Wessels
Group General Counsel and Company Secretary

5 March 2019

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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