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ADCORP HOLDINGS LIMITED - Changes To The Board Of Directors And Committees

Release Date: 07/06/2019 16:43
Code(s): ADR     PDF:  
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Changes To The Board Of Directors And Committees

Adcorp Holdings Limited
Registration number 1974/001804/06
Share code: ADR
ISIN number: ZAE000000139


In compliance with the JSE Limited Listings Requirements, shareholders are
advised of changes to the board of directors of Adcorp.

Mr Mncane Mthunzi and Mr Paul Moeketsi have resigned as non-executive
directors with effect from 6 June 2019. The board of directors extends
their appreciation to Mr Mthunzi and Mr Moeketsi for their significant
contributions to Adcorp since their appointments in February 2010 and
February 2018 respectively.

Ms Ronel van Dijk and Mr Monde Nkosi have been appointed as independent
non-executive directors of Adcorp with effect from 6 June 2019. Ms van
Dijk is a seasoned financial executive who served as Chief Financial
Officer of Spur Corporation Limited from 2003 to 2018. Ms van Dijk is a
CA(SA) and holds a Bachelor of Accounting and Bachelor of Accounting
Honours from Stellenbosch University. Mr Nkosi is an investment
professional at Value Capital Partners (“VCP”). Prior to joining VCP, he
was a Senior Associate on the investment team of FFL Partners, a San
Francisco-based private equity firm managing more than $2bn. He holds a
Bachelor of Business Science with Honours in Finance from the University
of Cape Town, a Master of Arts in Education from Stanford University and
an MBA from Stanford University, where he was an Arjay Miller Scholar. Mr
Nkosi has served as an alternate non-executive director of Adcorp since
October 2018. The board welcomes Ms van Dijk and Mr Nkosi and looks forward
to their contributions to Adcorp.

Shareholders are also advised of changes to the committees of the board
with effect from 6 June 2019. Dr Phumla Mnganga will replace Mr Mncane
Mthunzi as Chairman of the Transformation, Social and Ethics Committee.
Mr Cecil Maswanganyi will replace Mr Paul Moeketsi as Chairman of the
Investment Committee. Dr Phumla Mnganga will replace Mr Cecil Maswanganyi
on the Remuneration Committee and the Nominations Committee. Dr Sydney
Mufamadi will step down from the Audit and Risk Committee. Ms Ronel van
Dijk will join the Audit and Risk Committee. Mr Monde Nkosi will join the
Investment Committee.

The revised composition of the Board Sub-Committees are as follows:

Committee:   Audit and Risk   Investment        Nominations       Remuneration      Transformation,
                                                                                    Social and
Chairman:    .   Sindisiwe    .   Cecil         .   Gloria        .   Sam Sithole    .  Phumla
                 Mabaso-          Maswanganyi   .   Serobe*                             Mnganga*
Members:     .   Herman       .   CJ Kujenga    .   Phumla        .   Phumla        .   Cecil
                 Singh*       .   Gugu              Mnganga*          Mnganga           Maswanganyi
             .   Michael          Dingaan       .   Michael*      .   Michael       .   Gugu
                 Spicer*      .   Herman            Spicer            Spicer            Dingaan
             .   Ronel van        Singh*        .   Sam Sithole   .   Sindisiwe     .   Sydney
                 Dijk*        .   Innocent                            Mabaso-           Mufamadi*
                                  Dutiro                              Koyana
                              .   Monde Nkosi
7 June 2019

Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd

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