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PCN
PCN
PCN - Paracon Holdings Limited - Change to the board of directors
PARACON HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1997/008181/06)
Share code: PCN ISIN: ZAE000029674
("Paracon" or "the Company")
CHANGE TO THE BOARD OF DIRECTORS
Shareholders are referred to the various announcements released on SENS since
6 September 2011 regarding the proposed acquisition by Adcorp Holdings Limited
("Adcorp") of the entire issued ordinary share capital of Paracon, by way of a
scheme of arrangement in terms of section 114 of the Companies Act, 2008
(Act 71 of 2008) ("Scheme"), the most recent of which - dated 16 November 2011 -
informed shareholders that the Scheme had become unconditional in accordance
with its terms.
As a result of the implementation of the Scheme, Paracon will become a
wholly-owned subsidiary of Adcorp and the listing of Paracon ordinary shares
on JSE Limited ("JSE") will be terminated at the commencement of trade on 6
December 2011.
In compliance with paragraph 3.59 of the JSE Listings Requirements, shareholders
are hereby notified of the resignations of all the non-executive directors of
Paracon, as set out below, with effect from 7 December 2011:
* Mr Grenville Andrews (Independent Chairman);
* Mr Zeth Malele (Independent);
* Ms Thoko Mokgosi-Mwantembe (Independent);
* Ms Thandi Nzimande;
* Mr Jeremy Ord; and
* Mr Carl Stein (Independent).
The Board thanks all of its non-executive directors for their dedicated service
to the Company during its existence as a listed entity.
Mr Mark Jurgens and Ms Mireille Levenstein, the current executive directors of
Paracon, will remain on the Board. They will be joined by Messrs Richard Pike
and Mr Campbell Bomela, Chief Executive Officer and Chief Risk Officer &
Executive Director of Adcorp, respectively, who have been appointed as non-
executive directors of Paracon with effect from 7 December 2011.
Shareholders are reminded that the Scheme will become operative on 5 December
2011.
Johannesburg
2 December 2011
Sponsor
Merchantec Capital
Date: 02/12/2011 10:17:00 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS. |
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