New Commissioner of the South African Revenue Service Edward Kieswetter has resigned from the board of Shoprite, it was announced on Monday afternoon.
In a statement issued on SENS, Shoprite confirmed that Kieswetter tendered his resignation as a director of Shoprite Holdings on April 30, 2019. He has also resigned as lead independent director, chair of the remuneration committee and member of the nomination committee.
previously reported that Kieswetter may have to remain on the board until a
proposal to repurchase deferred shares owned by chairperson Christo Wiese was
"In terms of Regulation 108(2) … a director of a company may not resign as a director during the period from the publication of firm intention announcement until the offer that the announcement deals with is declared unconditional or lapses or is withdrawn," the statement said.
"Shoprite published such an announcement on 19 April 2019 in respect of a proposed transaction, the details which were published on SENS on 18 April 2019."
However, it added, the Takeover Regulation Panel granted an exemption to Kieswetter in terms of Section 196 of the Companies Act.
The board thanked Kieswetter for his contribution as a director and, in particular, "for the leading role that he has played over the last few months in relation to the proposed transaction".