Oceana Group Limited announced that the contract of employment between the Company and its Chief Financial Officer Ms. Hajra Karrim has been terminated with immediate effect. Ms. Karrim's departure results from the completion of a disciplinary procedure that resulted in her summary dismissal based on findings of gross misconduct. The disciplinary process was chaired by a retired judge of the Supreme Court of Appeal.

As a result of the termination of her employment, and pursuant to the provisions of the Companies Act, 71 of 2008, the tenure of Ms. Karrim's appointment as an ex-officio director of the Company has also ceased. The board also welcome Mr. Ralph Buddle to the board of directors as an ex-officio executive director, effective immediately.