PLG Bets on Mandla Lamba's Experience for Turn Around

South African billionaire Mandla Lamba has been appointed Non-Executive Chairman of the of Pembury Lifestyle Group Limited (PLG).

In a communication by PLG notified its shareholders that Dr Mandla Lamba (“Mandla”) and Ms Masego Catherine Motloba (“Catherine”) have been appointed as Non-Executive Directors of the Company with immediate effect.

The appointment of the two follows the signing of a convertible loan agreement with Verityhurst in order to support the turnaround of PLG.

“In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, the board of directors (“the Board”) is pleased to advise shareholders that Dr Mandla Lamba (“Mandla”) and Ms Masego Catherine Motloba (“Catherine”) have been appointed as Non-Executive Directors of the Company with immediate effect,” reads the statement in part.

In the changes Mandla has been appointed as the Non-Executive Chairman of the Board and Mr Gugu Nxiweni has changed his role from Independent Non-Executive Chairman to Deputy Chairman and Lead Independent Non-Executive Director.

Mandla is a visionary who is widely respected as an entrepreneur, thinking out of the box with a can-do attitude.

He founded the Agilitee group in 2018, which company is focussed on electric vehicles.

His notable roles range from establishing Verityhurst (which company trains individuals how to trade on the JSE), to heading up market-changing companies in the mining, farming, semi-conductor, financial services, energy, agri-industries, logistics and real estate sectors.

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Mandla is currently the CEO of Agilitee Limited (global operations) operations, Chief Investment Officer of Verityhurst and Chairman of Veracity Resources a rare earths mining company.

He is also Chairman of Green Ark, a sustainable passive income generation platform. A founder and Chairman of A7 Squared, a green Batteries Manufacturing company, Chairman of Greengr8 Car Rental, which is Africa’s first Electric Vehicles Rental Company.

Verityhurst first advanced funding to PLG in 2020 when PLG was facing severe difficulties during COVID-19 and the National lockdowns.

The funding arrangements were again reviewed following the passing of the founder and CEO of PLG at the end of May 2022.

“We continue to look for gems on the Johannesburg Stock Exchange. That is, companies that need some work to clean up yet have the potential to be disruptive, such as in the case of Pembery Lifestyle Group,” said Chairman of Verityhurst, Thembekile Mzantsi.

He added that as value investors, they invest in a long-term through a controlling interest in the portfolio companies.

“We have committed over R25 million to the turnaround of Pembury Lifestyle Group, and the company has already drawn down R6 million (Sh41, 848, 240) of it. We are grateful to the board of directors for the work done thus far, and we will now also add the Verityhurst flair to the mix,” he added.

Masego has a National Diploma in Marketing (200) from the Technikon Pretoria. In 2007 she completed a Certificate in Skills Programme in Essential Project Management at Damelin School of Business Management.

In 2011 she completed a Baccalaurus Technologie Degree in Marketing through UNISA. Catherin is currently in her final year at UNISA completing a B.Com Industrial and Organisational Psychology degree.

From September 2009 up until March 2016 Catherine worked at AVBOB Mutual Assurance. Masego held various roles over the 15 years, such as Senior Recruitment Practitioner, Senior HR Specialist and Area HR Manager.

In April 2016 Catherine joined Bilimpili Holdings as Human Resources Business partner. Unfortunately, the Company closed down in January 2018.

Between February 2018 and August 2018 she was contracted with Two Mountains Holdings as Senior HR Manager. In November 2018 she joined TIKE Training and Consulting as a Human Resources Consultant up until June 2020. From July 2020 up until June 2022 Catherine was the HR Manager with ME Consulting.

In July 2022 Catherine joined Agilitee Africa as the Human Resources Director. Masego has been employed with the Lamba Corporation since 1 March 2023 as the Human Resources Director.

Verityhurst intends nominating additional directors to the Board in due course as well as acquiring a substantial shareholding in PLG. Further announcements will be made in due course, including the composition of the Board committees.

The Board welcomes both Mandla and Masego and looks forward to their contributions to the Company.