Time­line of events: How it played out

The Star Early Edition - - BUSINESS REPORT -

Fe­bru­ary 22 – Group Five re­ports R383 mil­lion loss, Eric Ve­mer an­nounces his res­ig­na­tion as chief ex­ec­u­tive.

March 27 – Group ex­ec­u­tive com­mit­tee mem­ber and group hu­man re­sources di­rec­tor, Jesse Doorasamy, an­nounces res­ig­na­tion.

April 3 – Group ex­ec­u­tive com­mit­tee mem­ber and head of in­vest­ment and con­ces­sions, Jon Hil­lary, an­nounces res­ig­na­tion.

April 7 – Non-ex­ec­u­tive di­rec­tor and re­mu­ner­a­tion com­mit­tee chair­per­son, Mark Thomp­son, an­nounces res­ig­na­tion.

May 5 – Non-ex­ec­u­tive di­rec­tor and au­dit com­mit­tee chair­per­son, Ba­balwa Ngonyama, an­nounces res­ig­na­tion.

May 12 – PSG As­set Man­age­ment sold all its shares, while Coro­na­tion As­set Man­age­ment in­creased their ag­gre­gate stake to 14.49 per­cent.

May 18 – Group Five ad­vised its share­hold­ers, by way of an an­nounce­ment on the Stock Ex­change News Ser­vice that a share­holder (Al­lan Gray) had is­sued a writ­ten de­mand in terms of the com­pa­nies to call a meet­ing of Group Five share­hold­ers.

May 20 – Group Five ap­points Themba Mo­sai as its chief ex­ec­u­tive, say­ing the move was in­tended to create sta­bil­ity for the group and to strengthen man­age­ment.

June 23 – The com­pany an­nounces that the ex­tra­or­di­nary gen­eral meet­ing will be held to­day and that the cur­rent five non-ex­ec­u­tive di­rec­tors of Group Five, namely Mthethwa, Kalaa Mpinga, Willem Louw, Justin Chinyanta and Vin­cent Rague have re­solved to re­sign from the com­pany fol­low­ing a series of en­gage­ments with Al­lan Gray which proved to be un­pro­duc­tive.

June 28 – The com­pany is­sues the no­tice of the ex­tra­or­di­nary gen­eral meet­ing.

July 12 – The com­pany ad­vised its share­hold­ers that Keneilwe Moloko has with­drawn her avail­abil­ity to be elected as a non-ex­ec­u­tive di­rec­tor of Group Five from the EGM process.

July 17 – The com­pany said it has re­ceived for­mal no­ti­fi­ca­tion that PIC has ac­quired an in­ter­est in the or­di­nary shares of the com­pany. The to­tal in­ter­est in the or­di­nary shares held by PIC now amounts to 20.135 per­cent of the to­tal is­sued or­di­nary shares of the com­pany.

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