– UK, Bexhill-on-Sea – The Hastings Group Holdings plc (LSE:HSTG) confirms that the acquisition of 29.9% shareholding in the Company by Rand Merchant Investment Holdings Limited (RMI) and its wholly owned subsidiary Main Street 1353 Proprietary Limited completed on 1 March 2017.

Pursuant to a relationship agreement between the Company and RMI, the Company is pleased to announce that, with immediate effect, Mr Herman Bosman, Chief Executive Officer of RMI, is appointed as a director of the Company.

Mr Bosman is the CEO of RMI and its sister company RMB Holdings, having joined the companies in April 2014. Prior to his current role he was Head of Corporate Finance at Rand Merchant Bank from 2000 until 2006 and CEO of Deutsche Bank South Africa from 2006 to 2013. Mr Bosman is a non-executive director of Discovery Limited, OUTsurance Limited and Merchant Capital Limited. He also serves on the Board of Governors of the University of Johannesburg, is a director of Endeavor South Africa and Business and Arts South Africa and served eight years as a trustee of the Deutsche Bank South Africa Foundation. He holds a BCom (LLM) and is a Chartered Financial Analyst.

As a consequence of the Transaction, the Board has reduced from two directors each to one director each and the Company confirms that Mr Michele Titi-Cappelli has resigned as a director representing the GS Shareholders and Mr Edward Fitzmaurice has resigned as a director representing the Founder Shareholders with immediate effect.

Mr Richard Brewster will be appointed as a member of the Remuneration Committee as the representative of Founder Shareholders.

The “Founder Shareholders” are Neil Utley (and certain members of his immediate family), Edward Fitzmaurice, Keith Charlton, Richard Brewster and Narmali Utley and the “GS Shareholders” are Hastings A, L.P., Hastings B, L.P and Goldman Sachs & Co.

For more information : https://www.hastingsplc.com

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