AfricanFinancials - Page 71

• • directors’ interests in securities (refer to page 23 of this annual report); share capital of the company (refer to page 45 of this annual report). Directors of subsidiary companies clinton cockerell – Director of ARB Electrical Wholesalers (Pty) Ltd Prior to joining, Clinton spent six years as a sales representative for various businesses in the fasteners industry, gaining extensive knowledge and experience in the wholesaling trade. Clinton joined ARB in March 1987 and has been instrumental in establishing and maintaining the sound customer base. Clinton was appointed a director of ARB Electrical Wholesalers (Pty) Ltd in March 1992 and is now responsible for all the purchasing, marketing and sales of power cables. Bruce Sloley – Director of ARB Electrical Wholesalers (Pty) Ltd Bruce qualified as an electrician in 1978 after which he was employed in the electrical wholesaling industry. Bruce joined ARB in 1983 and was appointed a director in 1989. Bruce assisted in developing the market in the greater Zululand region. Bruce currently operates from the Richards Bay branch. After founder, Alan R Burke, Bruce is the longest serving director of ARB Electrical Wholesalers (Pty) Ltd. jason Burke – Director of ARB Electrical Wholesalers (Pty) Ltd Jason joined ARB Electrical Wholesalers (Pty) Ltd in October 1997. Jason is a product of ARB’s internal training and development programme. Once Jason gained experience, he started developing the Eastern Cape market from the Durban branch. Jason’s ability to penetrate this market prompted management to commit to opening a new branch in East London in June 2004, with Jason relocating as branch manager. In January 2006, Jason was appointed divisional director for Transmission Line and relocated back to Durban to take national responsibility for the Transmission Line division. In addition, Jason currently manages the Durban branch. On 1 March 2007, Jason was appointed a director of ARB Electrical Wholesalers (Pty) Ltd. Derrick Muller – Director of ARB IT Solutions (Pty) Ltd In the late 1980’s Derrick founded Xact IT Solutions, with the primary focus of developing a suite of multi-branch accounting systems. In 1992, Alan R Burke approached Derrick to implement a multi-branch communication network and accounting solution for ARB Electrical Wholesalers (Pty) Ltd. In 2007, ARB acquired Xact IT Solutions and created ARB IT Solutions (Pty) Ltd. The primary focus of ARB IT Solutions (Pty) Ltd is the management of all ARB’s technology requirements and, in addition, the company also services external clients. Derrick is currently leading the development of ARB’s new accounting system. BuSINESS ADDRESSES Directors • • • • • • • • • Alan R Burke Craig Robertson Billy Neasham Byron Nichles Simon Downes Ralph Patmore Jacob Modise Dumisani Muhlwa Khosi Sibisi 10 Mack Road, Prospecton, Durban 4th Floor, Landmark Building East, 17 Umgazi Street, Menlo Park, Pretoria 1290 South Coast Road, Mabeni, Durban 1172 Aspen Drive, Dainfern, Johannesburg 1st Floor, North Downs Office Park, 17 Georgian Crescent, Bryanston, Johannesburg 68 11th Street, Parkhurst, Johannesburg Subsidiary Directors • • • • Clinton Cockerell Jason Burke Derrick Muller Bruce Sloley 10 Mack Road, Prospecton, Durban, 4110 63 Dollar Drive, Richards Bay wORKING cApITAL uNDERTAKING The directors of the company undertake that they will not implement the specific or general repayments or the repurchase of shares unless for a period of 12 months following the date of the Annual General Meeting: • the company and the subsidiaries of the company (“the group”) are able to repay their debts as such debts become due in the ordinary course of business; • the assets of the company and group, fairly valued in accordance with International Financial Reporting Standards and on a basis consistent with the previous financial year, exceed the liabilities of the company and group; • the company and the group have adequate share capital and reserves for ordinary business purposes; • the company and the group have sufficient working capital for ordinary business purposes; and • the sponsor of the company provides a letter to the JSE on the adequacy of working capital in terms of Section 2.12 of the Listings Requirements of the JSE. ARB HOLDINGS LIMITED ANNUAL REPORT 2009 69

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