APPOINTMENT OF LEAD INDEPENDENT DIRECTOR AND CHANGE IN NON EXECUTIVE DIRECTOR`S RESPONSIBILITIES
In terms of paragraph 3.59 (a) and (c) of the Listings Requirements of the JSE Limited, the board advises that the following changes have taken place with effect from 3 October 2011:
Mr Mikki Xayiya, the interim Chairman of the board, has been appointed non- executive Chairman; Mr Jacques Schindehutte, an independent non executive director of Avusa, has been appointed lead independent director; Mr Colin Cary, a non-executive director, has taken on an executive role as Managing Director of Retail Solutions, a subsidiary of Avusa.
ACCEPTANCE OF SHARE-BASED INCENTIVES BY EXECUTIVE DIRECTORS, COMPANY SECRETARY AND DIRECTORS OF A MAJOR SUBSIDIARY
In terms of paragraphs 3.63 - 3.70 of the Listings Requirements of the JSE Limited, the following information relating to the acceptance of share-based incentives by executive directors, the company secretary and directors of a major subsidiary, is disclosed:
Executive director - Prakash Desai
Company of which a director - Avusa
Transaction date - 30 September 2011
Class of securities - Share appreciation rights
Number of securities - 78 453
Allocation price - R22,77 per right
Value of transaction - R1 786 374,81
Vesting period - Share appreciation rights vest in three years subject to the fulfilment of a performance condition
Nature of transaction - Grant and acceptance of share appreciation rights (off-market)
Extent of interest - Direct beneficial
Written clearance to deal - Yes