LAB - Labat Africa Limited - Change to board of directors
LABAT AFRICA LIMITED
Incorporated in the Republic of South Africa
(Registration number 1986/001616/06)
JSE code: LAB ISIN: ZAE000018354
("Labat" or "the company")
CHANGE TO BOARD OF DIRECTORS
Shareholders are referred to the SENS announcement of 27 January 2011 advising of the cancellation of the sale of Labat shares from Link Private Equity to Cyndara 131 (Pty) Ltd trading as Aurora Investment Holdings.
Following the cancellation of Aurora as the preferred bidder by the liquidators for the Grootvlei/Orkney assets, the members of Aurora felt that their further involvement in Labat and particularly their directorships in Labat were no longer appropriate and therefore they agreed to stand down as directors of the company (see Business Day report).
Consequently at a Labat board meeting held on Friday, 17 June at 23 Kroton Avenue, Weltevreden Park, the Aurora representatives namely Messrs M Hulley, Z Mandela, K Zuma and T Ngubane were replaced as directors with immediate effect and the following directors, Messrs B Jacobs and D Lupungela were elected as independent non-executive directors to serve in their place.
Profiles of the two new directors are set out below:
Brian Jacobs
Brian was employed by Telkom for a period of 22 years and resigned from a senior management position in 1999 to pursue personal business interests. He served on the Boards of various companies including on the Board of Trustees of the Prosano Medical Scheme of which he was the Chairman and which has an annual turnover in excess of half a billion rand (R700 m). He resigned as a director of the Communications Workers Investment Company in May 2002. He has completed the Management Advanced Programme as well as the Executive Development Programme at the Witwatersrand Business School. He is currently the Chairman of Trisource Holdings and has been deployed as an Executive Director to Trisource (Pty) Ltd.
Dumisani Barrington Simphiwe Lupungela
Dumisani holds a BA degree in Social Science, Higher Diploma in Education and Honours in Public Administration and Development Management.
He worked for the African National Congress (ANC) Department of Security (DIS) and later became a manager in the National Intelligence Agency (NIA) from its inception.
He attended various senior management courses on Intelligence, Counter Intelligence, Serious Economic Crime, Anti Terrorism with Cuban, French, United States of America and Zimbabwean Intelligence services.
He has worked as a security advisor to the Premier and Director General of the Eastern Cape Provincial government until 2006. He has made significant contribution on policy issues and decision making processes with regard to security matters. He brings particular expertise in the areas of risk analysis, information management, strategic management, marketing and research. He is currently involved in various business initiatives.
20 June 2011
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Statement issued by Labat Africa Limited through the JSE SENS Department, June 20 2011
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