The Board of Directors of Basil Read Holdings announced that Lester Peteni will retire as Independent Non-Executive Director and Chairman of the company with effect from 31 December 2014. Lester was appointed to the Board in July 2006, and as Chairman of the Company in May 2009. The Board announced that Paul Cambo Baloyi, who joined the Board in November 2012, as an Independent Non-Executive Director, will succeed Lester as Independent Non-Executive Chairman, with effect from 1 January 2015.

Paul has been a member of the Audit Committee, Nominations Committee and is the Chairman of the Risk Committee.