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Changes To The Board Of Directors
CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/027663/06)
JSE Share code: CGR
ISIN: ZAE000109203
(“Calgro M3”)
CHANGES TO THE BOARD OF DIRECTORS
In accordance with paragraph 3.59 of the Listing Requirements of the JSE Limited,
shareholders are advised that Ms Pumla Radebe (“Ms Radebe”) is stepping down as
Chairperson of the Board, effective 26 June 2020, after 12 years in the position. Ms Radebe
has been with Calgro M3 since its listing and fulfilled her role as Chairperson with grace and
wisdom and provided excellent and measured guidance. The Board thanks Ms Radebe for
her tenure and wishes her all the best going forward. The Board has commenced a process
of identifying a suitable replacement and shareholders will be advised as soon as such
appointment has been made.
Calgro M3 is pleased to further announce the appointment of Ms Lynette Ntuli (“Ms Ntuli”) and
Mr Themba Baloyi (“Mr Baloyi”) as independent Non-Executive Directors, with effect from 23
March 2020. The exceptional quality of these appointments – detailed below – will no doubt
further enhance the Group’s efforts around corporate governance and keen leadership. Calgro
M3 further welcomes their entrepreneurial thinking, their skill sets and specific fields of
experience, which will add another layer of depth to the Board’s capabilities to the benefit of
the Group as a whole.
Ms Ntuli is the Founding Director and Chief Executive Officer (“CEO”) of Innate Investment
Solutions, a professional services firm in the built environment that provides property and
infrastructure development services, as well as enterprise asset management solutions. She
has held senior leadership roles in the commercial, development and investment spheres of
the property management and trade and investment sectors and sits on the boards and
working groups of various real estate organisations.
Over a 15-year period, Ms Ntuli has gathered diverse experience and specialisation in property
and infrastructure development and management; asset management planning and
maintenance; strategy and operational development and implementation; real estate
transactional and due diligence advisory; and the commercialisation and rationalisation of
portfolio assets.
Her exposure to the built environment, accompanied by her articulation of this insight into high-
impact social and economic solutions, has proved to be an asset in providing holistic
development solutions in Sub-Saharan Africa. She holds post graduate property-specific
qualifications from the University of Pretoria and the University of Cape Town’s Graduate
School of Business. Ms Ntuli has been well-profiled for her executive positions, including
becoming the first woman in South Africa to become General Manager of a super-regional
shopping centre (The Pavilion) and CEO of the Durban Business Enhancement Initiative.
Given this experience, her obvious passion for the property sector, and her entrepreneurial
flair, the Group believes Ms Ntuli will add tremendous value to the Board and welcomes a
person of this calibre to its governance structures.
Mr Baloyi is an equally significant appointment. He is co-founder of Sithega, a non-banking
financial services business, and prior to this, founded Discovery Insure Limited (“Discovery
Insure”), a short-term insurance company launched in 2011. The Discovery Insure work
propelled him to win the 2018 All Africa Business Leaders “Entrepreneur of the Year Award”.
In 2015, he was also honoured as a World Economic Forum “Young Global Leader”.
Mr Baloyi currently serves as Chairman of the board of Constantia Insurance Group and is a
board member of the Allan Gray Orbis Foundation, Cube Capital and Prescient Empowerment
Trust, amongst others. He studied and completed cost and management accounting, and
corporate governance through the Institute of Chartered Secretaries & Administrators SA and
holds an executive MBA from Henley Business School (UK). He also completed business
leadership studies through the Gordon Institute of Business Science, the University of Cape
Town’s Graduate School of Business and Duke University (US).
With his exceptional experience as a board chair and member, his knowledge of the insurance
and financial sectors, the former having parallels with aspects of Calgro M3’s own business
model, particularly with respect to the Group’s Memorial Parks business, where Calgro M3
foresees good product diversity and growth opportunities, his outstanding leadership qualities
and visionary approach to business, the Group is delighted to have secured Mr Baloyi’s tenure
on the Board.
Calgro M3 and the Board would like to congratulate Ms Ntuli and Mr Baloyi on their
appointment, and wishes them well in their new roles, which are to guide, support, and
challenge the executive team, and to be all that a governing body is intended to be to the
benefit of the Group’s management, employees, shareholders and other stakeholders.
These appointments further add a dimension of diversity in its full meaning to the Board, along
with exceptional hands-on experience. Calgro M3 looks forward to their valuable input going
forward.
Johannesburg
24 March 2020
Sponsor
PSG Capital
Date: 24-03-2020 05:30:00
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