Huge Group - Board Restructure


Huge Group - Board Restructure

Monday, March 31, 2008

INVESTOR NEWS RELEASE
31 March 2008

HUGE GROUP LIMITED
(formerly Vanquish Fund Managers Limited)
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
("Huge" or "the company")


BOARD RESTRUCTURE

In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, the board of directors of Huge are pleased to announce the following restructure.

With effect from 26 March 2008, Mr Stephen Peter Tredoux, Mr Manogaran Pillay and Mr Julian Arie Morelis have been appointed to the board of directors. Mr Mogamad Rhamees Nordien has resigned from the board of Huge but remains an executive director of Huge Telecom (Proprietary) Limited, a wholly owned subsidiary of Huge.

After the above changes the board will comprise the following:

Mr Emmanuel Fentse Lediga - Non-executive Chairman
Mr Anton Daniel Potgieter - Chief Executive Officer
Mr James Charles Herbst - Group Financial Director
Mr Brian Alexander McQueen - Non-executive Director
Mr Vincent Mokhele Mokholo - Executive Director
Mr Julian Arie Morelis - Executive Director
Mr Manogaran Pillay - Executive Director
Mr Stephen Peter Tredoux - Executive Director

Mr Manogaran (Rajen) Pillay started his telecoms career in 1988 as a technician with Teleboss, a PABX company, after studying for a diploma in analytical chemistry. He spent 12 years at Teleboss which became a wholly owned subsidiary of Siltek. The last position that he held at Teleboss was that of technical manager. In 2000 Rajen was head-hunted by Orion Telecom to join them as the Development Manager in the research and development department. He spent four years in R&D and was instrumental in developing LCR products for the company. This saw Orion become a market leader in LCR technology. Rajen designed and implemented the first locally developed digital LCR solution in South Africa. In 2005 Rajen moved into Orion's operations division as the National Service Manager and then later as National Operations Manager. With the sale of Orion to Vox Telecom in 2007, Rajen was promoted to Operations Director where he had responsibility for a staff compliment of approximately 100 people and a company with an annual turnover approaching R1bn. Rajen was instrumental in merging two other group companies into Orion in 2007.

Mr Stephen (Steve) Tredoux started his working career as an accountant but within a year or two moved to general management where he acquired managerial skills in the property management industry. He moved from property management to manufacturing and then to information technology. He was employed by National Data Systems as an account director looking after all commercial and support issues for Nedbank. It was with this background that he was approached to join MTN in 1995. The eleven and a half years that followed his appointment proved to be exciting and diverse and the experience gained was invaluable. Steve was initially employed as general sales manager responsible for the distribution channels of MTN. It was during this time period that the distribution channel of MTN comprised fourteen so called "Service Providers". Steve discovered that despite the potential of the fledgling industry and its rate of growth, very little had been established byway of structure. There was also very little clarity with regard a distribution strategy and as such he set about formalising distribution agreements with the Service Providers. It was also apparent that the distribution and marketing models in the more established European markets were changing and Steve started investigating new routes to market as well as new product sets and ways of communicating with customers.

As part of the executive management team Steve also involved himself with the overall strategy and management of the business until MTN purchased M-Tel (MTN SP). On the acquisition by MTN of M-Tel, Steve was appointed in an executive sales and advertising role. His passion for consumer sales led him to specialise in this area of the business, which became instrumental in producing an overwhelming majority of the revenue and profit of the SA entity.

Steve is considerably experienced in sales distribution but is also a master at consumer marketing and product development. Coupled with his earlier financial and general management skills makes him a uniquely qualified executive who brings a breadth of knowledge and skill that is rarely found in one individual today.

Mr Julian Morelis left school and joined the South African Air Force as an air traffic controller at the age of 18. When he completed his military service at the SAAF he decided to pursue a career in finance whilst studying part time for his Bachelor of Commerce degree. After nine years of finance related responsibilities he decided to chance his arm in IT and telecommunications. Within three years he built a successful ICT company that boasted turnover of R30mn per annum and a staff compliment of fifteen people. After a major motor cycle accident which left him in a coma for two months and later required eight months of rehabilitation, he founded a Managed Voice Services company: CentraCell. From its inception in September 2003 CentraCell specialised in the supply of least-cost-routing and telephone management services to corporate clients via a nationwide channel partner and reseller program. Within three and a half years the company grew to 35 staff members and an annual turnover of just under R200mn. In August 2007 CentraCell was acquired by the Huge Group and was successfully merged with TelePassport (Proprietary) Limited to form what is today known as Huge Telecom. Julian's role at Huge Telecom is that of Sales Director and his appointment at Huge Group as an Executive Director represents the commitment of the Huge Group to building a company of people with the necessary skills to deliver outstanding performance and the highest standards of service.


Woodmead
28 March 2008

Designated advisor
Arcay Moela Sponsors (Pty) Limited