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Progressive Investment Holdings Limited : Board Appointment

19 February 2008 Progressive Investment Holdings Limited

Mike Gahagan (pictured right) – Co-owner and CEO of ARCAY Private Financial Services has been appointed as Non Executive Director to Progressive Investment Holdings Limited.

Education plays a large part in Mike’s life. Although his work background has predominantly focused on finance in various avenues, since December 2001 he has, among other operations, concentrated on developing and financing entrepreneurial based businesses through ARCAY Private Financial Services. He is also a founder and director of Rifumo Investment Holdings (Pty) Ltd and a non-executive director of IFCA Technologies Ltd.

As Chairman of the Board of Patrons of AIESEC in South Africa, his focal point has been the motivation of future business leaders who are currently engaged in tertiary education.

“Mike’s appointment is a strategic move in preparation for the JSE listing of the group’s property subsidiary. His skills will support the group’s tight financial controls, as well as to ensure that good corporate governance is maintained at all times. Mike’s skills and extensive experience in the entrepreneurial corporate arena will assist in enhancing the group’s profit and growth strategy”. says Dave Avnit (group chairman)

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