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LAMBERTI LEAVES DUE TO CONFLICT OF INTEREST

Joins Ethos-linked finanical group
Source: Moneyweb 22 July 2008

Mark Lamberti, former CEO of Massmart (JSE:MSM), resigned as a non-executive director of Altron (JSE:ATN) because it conflicted with his new job as executive chair of Transaction Capital.

In its Sens announcement today, Altron said aspects of Lamberti's new company overlapped with its business.

On its website, Transaction Capital says it has two main activities: transaction solutions and principal lending and investments. There are eight companies in payment services, four in credit services and four in principal lending. Under transaction solutions, the group deploys and administers ATMs, provides electronic payment services. It is involved in consumer credit scoring and granting, card issuing, accounts administration, electronic payment processing and debt collection, card and receivables management.

Ethos invested in the group in 2005.

Transaction Capital owns SA Taxi Finance and a company called Company Unique Finance, which is engaged in specialised "non-traditional" mortgage finance. Lamberti becomes executive chairman.

The CEO is Steven Kark. Jonathan Jawno is CFO. He is one of three former African Bank Investments (JSE:ABL) personnel on the board. The others are Michael Mendelowitz and Roberto Rossi. Two Ethos-linked non-executive directors are Peter Katzenellenbogen and Shaun Zagnoev. Neither Lamberti nor Kark could be reached today.