The Multichoice Group Board has decided to prolong Imtiaz Patel’s term as Chairman of the Company so that he may continue leading the ongoing acquisition agreement with Groupe Canal+, the French media behemoth.
In September of last year, Patel’s resignation was announced by DStv’s owner. As of April 1, 2024, Elias Masilela was scheduled to assume the role of chair.
However, in a notice issued to its shareholders on Tuesday, the company said Patel will remain as chairman until the completion of the ongoing Canal+ transaction, while Masilela, a long-standing non-executive director and the designated Chair, will become the Deputy Chair of the MultiChoice Board.
Citing the recent decision of the Takeover Regulation Panel as the reason, the Multichoice Board in the notice to shareholders said:
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“In view of the recent ruling by the Takeover Regulation Panel (“TRP”) that required Groupe Canal+ SA (“Canal+”) to make an immediate mandatory offer to all MultiChoice shareholders (“the transaction”) and the cautionary SENS notice issued on 5 March 2024 in this regard, the MultiChoice Board has reached an agreement with Mr Imtiaz Patel to remain on as Chair.
“The Board believes that there is significant benefit in continuity at this time and Mr Patel has agreed to extend his tenure until the conclusion of the Canal+ transaction or such sooner date as may be determined in light of progress on the transaction.
“Effective 1 April 2024, Mr. Elias Masilela, a long-standing non-executive director (NED) and the designated Chair, will become the Deputy Chair of the MultiChoice Board. He will also become Lead Independent Director (LID) in the place of Mr. Jim Volkwyn, who will be stepping down as LID but remain as a NED.
“The Board expresses its gratitude to Mr Patel for extending his tenure and to Mr Masilela for taking on the new roles on the Board. It also wishes to thank Mr Volkwyn for his service as LID and as the Chair of the Remuneration Committee – his dedication, leadership, and tireless efforts have been invaluable to the Company.”
