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ECSPONENT:  11   0 (0.00%)  01/01/1970 00:00

ECSPONENT LIMITED - Notification of changes to the Board

Release Date: 06/08/2019 07:05
 
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Notification of changes to the Board

ECSPONENT LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ECS – ISIN: ZAE000179594
Debt Issuer Codes: ECSP and ECSD
(“Ecsponent” or “the Company”)


NOTIFICATION OF CHANGES TO THE BOARD

In compliance with paragraph 3.59 of the JSE Listings Requirements, shareholders are advised that Terence
Gregory will step down as Chief Executive Officer (“CEO”) of Ecsponent on 31 December 2019. As successor,
the board of directors of Ecsponent (“Board”) has appointed the group’s current Financial Director, Dirk van
der Merwe. Terence will remain on the Board as a non-executive director subject to ratification at the next
annual general meeting of shareholders, while also pursuing other business interests.


Terence joined Ecsponent as CEO in September 2010 at the request of the Group’s majority shareholder at
the time. He served as chief operations officer from 1 December 2015 but was reinstated as CEO from 1
October 2016. Under his leadership, the group has achieved triple-digit growth on certain key performance
areas for seven consecutive years. During his tenure, Terence was the driving force behind the
transformation of Ecsponent into a diversified African financial services group with total gross assets of R2.8
billion and income and dividend payments to investors of approximately R185 million during the past
financial year.


Terence played an instrumental role in the migration of Ecsponent from the JSE’s venture capital board to
the main board, as well as the conclusion of debt funding agreements with international commercial and
development finance institutions. Most recently, he guided the terms agreement of Ecsponent’s pending
acquisition of a majority stake in Frankfurt-listed fintech company MyBucks. This acquisition will give the
Group control over five operational banks and seven non-banking financial institutions across southern
Africa.


These initiatives have contributed substantially to Ecsponent’s positioning as a niche financial services
provider across Africa, offering targeted investment services, credit solutions and enterprise development
initiatives that improve financial inclusion for SMEs.


Richard Connellan, Ecsponent’s independent non-executive chairman commented:
“Terence’s tenure as CEO is ending according to the Group’s succession plan and yet it is with some regret
that we announce his departure. During his nine years at Ecsponent, he established an outstanding platform
for sustainable growth, despite exceptional challenges and difficult economic circumstances.
We are delighted that Terence has agreed to remain on the Board as a non-executive director. His passion
for Ecsponent, corporate memory and intimate knowledge of the Group’s business environment will be
invaluable, and we look forward to his ongoing contributions. Dirk and Terence have worked closely together
since 2010, and we anticipate a smooth transition.”


Terence Gregory commented:
“In a high-performance culture such as Ecsponent’s, evolution is inevitable. After nine years of moulding
Ecsponent into the growing, sustainable business it is today, the time is now right for our vision to be carried
forward by a new incumbent and with Dirk’s deep knowledge of the business and technical acumen, there
is no one more qualified.


I have had the pleasure of working closely with Dirk from the very beginning in 2010 and have every
confidence in his ability to lead Ecsponent into the future.”


Dirk is a qualified South African Chartered Accountant and served as the Group’s Financial Director from
September 2010 to December 2015, working alongside the group CEO and played an instrumental role in
the company’s turnaround. Dirk was re-appointed as Financial Director in February 2018 and led the
diversification of the Company’s capital structure through the launch of a Domestic Medium-Term Note
programme in December 2018.


In the interceding period, Dirk worked as an independent financial consultant and forensic investigation
specialist. He was also contracted as Ecsponent’s Company Secretary from 1 June 2016, until the date of
his reappointment as Ecsponent’s Financial Director.


Before joining Ecsponent in September 2010, he gained experience across a wide range of industries and
organisations, which includes a decade at one of the big four international auditing firms.


A further announcement will be made in due course in respect of the appointment of a suitable Financial
Director to replace Mr van der Merwe and any consequential changes to the Company’s committees.
For more information about this announcement or the Ecsponent group, email
investor.relations@ecsponent.com or visit www.ecsponentlimited.com/investor-relations




6 August 2019
Pretoria


Sponsor to Ecsponent
Questco Corporate Advisory (Pty) Ltd

Date: 06/08/2019 07:05:00
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